Man Gets 70 Months for $12-Million Swindle
From Times Staff and Wire Reports
Edmundo P. Rubi, 47, was sentenced Monday to 70 months in federal prison after pleading guilty to a financial scheme that targeted the Filipino American community and swindled investors out of more than $12 million.
Rubi operated a Ponzi scheme in which older investors were paid with money from new investors.
The scheme offered investors, many of them immigrants, an opportunity to gain “financial independence.”
“Rubi thought he found the key to easy money,” U.S. Atty. Carol Lam said. “Instead he’s found a way to federal prison.”
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