"The company would go on to acquire at least 88 properties in and around the city by 2023. Federal prosecutors now assert many of those purchases were fraudulently financed. KS Mattson Partners' manager and co-founder, Ken Mattson, was indicted in May on a total of nine counts of wire fraud, money laundering and obstruction of justice, with prosecutors accusing him of orchestrating a "classic Ponzi scheme"."
"The other obscure entity in that 2015 deal, meanwhile, was Tony's Salami & Cheese Fund I, an investment company managed by Peter Ingoglia. It uses the same Sacramento address as Socotra Capital, a hard-money lender - co-founded by John Ingoglia, Peter's brother - that is inextricably connected with Ken Mattson's real estate empire in Sonoma, including purchases that now form a central element of the U.S. Department of Justice's criminal case against Mattson."
A 2015 purchase at 70 Moon Mountain Road marked KS Mattson Partners' first Sonoma acquisition and preceded a broader buying spree. KS Mattson Partners amassed at least 88 properties in and around Sonoma by 2023. Federal prosecutors allege many of those purchases were fraudulently financed and say Ken Mattson orchestrated a "classic Ponzi scheme," leading to a May indictment on nine counts including wire fraud, money laundering and obstruction. Tony's Salami & Cheese Fund I and Socotra Capital are linked to the transactions. Socotra issued at least 92 loans to KS Mattson Partners and holds deeds of trust on dozens of properties.
Read at The Mercury News
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