A man in San Diego, Paolo Roberto Flores, has pleaded guilty to defrauding investors of millions of dollars through lies and deception. According to the United States Attorney’s Office Southern District of California, Flores admitted to obtaining over $4.7 million from victim investors by providing false statements and fraudulent documentation. He also attempted to commit mortgage fraud.
Flores convinced investors to give him money to invest in cryptocurrency, promising a 20 percent share of any profitable trades. He claimed to have risk mitigation measures in place to limit potential losses. Despite the investments declining, Flores sent fake screenshots to investors showing consistent profits from cryptocurrency trading. Some clients even decided to increase their investments based on these false claims.
Court documents revealed that Flores received amounts ranging from $50,000 to $1.6 million from at least 15 individuals. He used this money to purchase a 2021 Tesla Model S and a 2022 Land Rover RR. U.S. Attorney Tara McGrath stated that the U.S. Attorney’s Office is dedicated to pursuing individuals who commit fraud for personal gain.
In addition to defrauding investors, Flores also submitted fabricated pay stubs to a mortgage lender in July 2023, falsely claiming his employment status and income. Flores is set to be sentenced on Jan. 23, 2025, at 1:30 p.m.
If you believe you have been a victim of this crime, you can contact the San Diego Field Office at 858-320-1800 or reach out to the Victim Witness Unit of the United States Attorney’s Office at usacas-vw@usa.doj.gov. It is essential to seek help from law enforcement if you suspect you have fallen victim to a fraud scheme.
