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Maybe it’s the terrific weather; maybe it’s the sandy beaches and ocean views; maybe it’s a fluke. San Diego, known as Scam Diego to many, has a spotted history when it comes to financial scams.
US Financial lost several of its top executives when they took a trip – to jail. Stripped of its massive millions, it was just another real estate/accounting scam.
Rancho Sante Fe resident J. David Dominelli (the J. stands for Ponzi), duped investigators into believing he was arbitraging foreign currencies and had stashed their money in a Caribbean tax haven. Not so; they lost and he shuffled off to serve a prison term.
John D’Acquisto, a former Padres pitcher, promised elderly investors an amazing four to five percent weekly to sink their dollars into pay phones. The coins never returned and the foul ball player was convicted in New York of wire fraud and transferring a forged security.
Harry Sierota was an insurance broker turned grand theftster. Although unlicensed, he created and sold annuities to senior citizens.
Champion Mortgage employed 45 people and required upfront fees in order to obtain a mortgage. For thirteen long years they existed on the fees alone – because they never made a single loan.
Just a few of a long line of scamsters in beautiful Scam Diego.
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