$9 million Ponzi scheme operated through Fresno real estate companies, DOJ says

Over the past half-dozen years, a multi-million dollar Ponzi scheme was being run through Fresno real estate companies.

Its owner, 43-year-old Matthew Campbell of Fresno, pleaded guilty in federal court on Monday, and could face 20 years in prison at sentencing in May.

According to the Department of Justice, Campbell operated two real-estate investment companies, which he used to buy and sell real estate, to build and renovate properties, and to solicit investor money. The companies, Ampez Rehab Investments LLC and Preferred Property LLC, seem to share the same business address on Palm Avenue.

Beginning in 2018, Campbell “knowingly made false representations about his company’s finances, the return on investment, and distributions to attract new investors,” the U.S. Attorney’s Office said in a news release.

“Then he used the funds to pay returns to earlier investors.”

More than $9.1 million in investor funds were taken and at least $2.293 million of new funds were used to pay out old investors “and continue the scheme,” the U.S. Attorney’s office said.

Campbell pleaded guilty to wire fraud. He is scheduled for sentencing on May 11.