ORANGE COUNTY DISTRICT ATTORNEY PRESS RELEASE
Case # 14HF3054
December 3, 2014
Two OC residents arraigned in $11 million Ponzi scheme
Over 27 victims targeted with sale of unsecured securities based on fraudulent insurance policies
NEWPORT BEACH, Calif. – Two Orange County residents were arraigned in an $11 million Ponzi scheme victimizing over 27 people with sale of unsecured securities based on fraudulent insurance policies. Joseph Francis Bartholomew, 75, Lake Forest, is charged with one felony count of the use of a device or scheme to defraud and 28 felony counts of using an untrue statement in the purchase or sale of a security with sentencing enhancements for aggravated white collar crime over $500,000 and loss greater than $3.2 million. If convicted, Bartholomew faces a maximum sentence of 42 years in state prison. Bartholomew is being held on $11.3 million bail and must prove that the money comes from a legal and legitimate source before posting bond.
Co-defendant Wendy King-Jackson, 54, Laguna Niguel, is charged with one felony count of the use of a device or scheme to defraud and two felony counts of the use of an untrue statement or omission in connection with the purchase or sale of a security with sentencing enhancements for aggravated white collar crime over $500,000 and loss greater than $3.2 million. If convicted, King-Jackson faces a maximum sentence of 16 years in state prison. Both defendants will be arraigned on Thursday, Dec. 4, 2014, at 8:30 a.m. in Department H-2, Harbor Justice Center, Newport Beach. Continue reading