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Alleged Real Estate Ponzi Scheme Reportedly Costs Investors Millions

Posted on Sep 20, 2011

Two hosts of a California money matters show, together with another individual, have been charged in a real estate fraud case. The accused were arrested earlier this month. Prosecutors are alleging that the accused took part in a Ponzi scheme that included fraudulent real estate deals and the misappropriation of more than $3 million in investor funds.

The people who have been charged include Kenneth Powell, Kathryn Rose, and Paul Charles Lascola. Mr. Powell and Ms. Rose are also known as "Ken and Katie." They hosted radio shows such as "Academy of Real Estate," "Money Intelligence," and "The Ken and Katie Show."

According to the Prosecutors Office, the three promised victims returns of 12 - 14% for construction on vacant lots in Taft, but almost no development took place. Additionally, some of the land was allegedly encumbered with liens or had already been sold.

If convicted, each of the three accused could spend several decades in prison.

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