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Laguna Niguel Man Admits Huge Fraud

August 01, 2003

An 80-year-old Laguna Niguel man pleaded guilty Thursday to federal charges of engaging in a loan scheme that defrauded U.S. and foreign individuals of millions of dollars.

Richard A. Parker, appearing in U.S. District Court in Santa Ana, admitted collecting more than $17 million in advance fees from would-be borrowers from 1993 to 2002 by falsely promising to give them billions in loans.

Parker's plea came a day after Wayne Chan, 53, of Vancouver, Canada, pleaded guilty to mail fraud for acting as a phony reference in the scheme.

Both are scheduled to be sentenced Oct. 27. Chan could get five years in prison, Parker 15.

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