Keith Wilson, the once respected advocate for San Francisco's Richmond district who conned community members out of hundreds of thousands of dollars through a real estate investment scam, was formally sentenced Monday to five years in state prison.
Wilson, 56, ?thought he could use people?s hard-earned money as his personal piggy bank and get away with it,? District Attorney George Gasc?n said Monday.
Wilson defrauded seven victims of more than $347,000, prosecutors said. He formed two corporations, Tribecca and Lone Cedar, and persuaded the victims to buy shares in his company. The victims believed their money was being used to purchase, renovate and resell homes for a profit. Instead, Wilson pocketed the money, Gasc?n said.
?Much of the money was spent on shopping sprees, political contributions and expensive restaurants,? the district attorney said.
maldax@sfexaminer.com
Source: http://www.sfexaminer.com/local/crime/2012/08/sf-real-estate-scammer-sentenced-five-years
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