A Washington man who bilked $100M from investors escapes federal prison camp in …

SEATTLE (AP) — A Washington state man who bilked buyers out of greater than $one hundred million in a Ponzi scheme has escaped from a federal jail in central California, in accordance with the U.S. Marshals Service.

Jail officers stated Frederick Darren Berg, fifty five, was found lacking Wednesday from a minimal-safety work camp subsequent to a penitentiary in Atwater, California, The Seattle Occasions reported.

Berg in 2012 was sentenced in federal courtroom in Seattle to 18 years after pleading responsible to wire fraud, cash laundering and chapter fraud. Prosecutors stated on the time that it was the most important fraud scheme that they had prosecuted in Western Washington.

Berg used funding funds from his firm, Meridian Group, to purchase two Lear jets, a number of yachts and million-greenback condos and houses in Washington state and California over the course of a decade, federal prosecutors have stated.

They stated that between 2001 and 2009, Berg used greater than $one hundred million in funds from over 800 buyers for his personal profit and to maintain his funding fraud scheme going. He used investor cash to repay the loans of earlier buyers in an effort to proceed his scheme to defraud, courtroom data present.

FBI brokers stated when he was sentenced that Berg took benefit of hopeful buyers, many senior residents, and that many suffered emotional and monetary ache due to his fraud.

His protection attorneys stated in courtroom papers that Berg needed to resolve this case and take full duty for his actions.

Berg was arrested in 2010 in Los Angeles.

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