6 Charged In $52 Million Ponzi Sceme

SANTA ANA, Calif. (AP) - Six men charged in a $52 million Ponzi scheme allegedly conned more than 1,000 people into investing in
sham real estate projects to pay for their lavish lifestyles.

State Attorney General Edmund G. Brown Jr. on Thursday filed charges in Orange County Superior Court against Lambert Vander
Tuig, Jonathan Carman, Mark Sostak, Scott Yard, Soren Svendsen and
Robert Waldman.

All are in custody except Yard, who is a fugitive, and Waldman, who is arranging surrender.

The 89 criminal counts allege the defendants got people into investing in Irvine-based Carolina Development Co. and they allegedly used the money "as their personal bank account" to buy planes, cars and vacations.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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