Lender pleads guilty to theft, faces at least 10 years in prison
By Melanie Cleveland
Oct. 01, 2009
Mike L. Wilson, a lender facing 147 felony counts, pleaded guilty in Santa Barbara County Superior Court in Santa Maria on Thursday to embezzling tens of millions of dollars from 59 investors named in the fraud case.
He faces a sentence of at least 10 years in prison.
Wilson was arrested July 10 on suspicion of grand theft, forgery of real estate deeds, misrepresentations in the sale of securities and elder abuse by embezzlement.
“He was a real con man,” said Gordon Henderson, an 89-year-old Arroyo Grande investor, who went to the court in Santa Maria to witness the hearing.
Abridged
SOURCE: The Tribune, San Luis Obispo.com
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