Guilty plea expected from Inland Empire financial planner

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LOS ANGELES, CA – A former Inland Empire financial adviser with a history of violating securities laws is expected to plead guilty Monday to taking hundreds of thousands of dollars in client money for his personal use.

Paul Ricky Mata, 57, of Oceanside is expected to plead guilty to federal charges of mail fraud, wire fraud and misrepresentation in bankruptcy proceedings.

Prosecutors allege Mata committed the offenses while based in Upland, serving more than 100 clients in the Inland Empire and elsewhere between August 2008 and September 2015.

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He was previously the defendant in a civil action brought by the United States Securities and Exchange Commission, which the government said resulted in a judgment of $ 11.74 million against him.

According to the indictment, Mata has operated a number of companies, including Secured Capital and Logos Real Estate, and he lured investors by promising them to earn 5-10% on their money by placing funds in “government guaranteed tax privileges”. certificates of deeds backed by assets and real estate in difficulty.

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Prosecutors allege that most of the investments placed under Mata’s management after 2011 paid nothing and instead went into his pocket, putting down a down payment on his house, covering personal loans and replenishing his private bank accounts.

According to the US Attorney’s Office, the defendant did not disclose to investors that he was fired by Ameriprise Financial Services Inc. in 2009 for violating company policies and was named in connection with disciplinary proceedings brought. by financial regulators in California and Nevada. Ameriprise’s transgressions resulted in the suspension of his license as a financial advisor by the independent financial industry regulator, prosecutors said.

In bankruptcy proceedings following the 2015 SEC civil action, Mata allegedly failed to disclose assets, including a 2008 Mini Cooper and a 2001 Jeep Cherokee, according to the U.S. prosecutor’s office.

–City news service

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