Three California men were charged with running a $200-million Ponzi scheme involving thousands of investors, state Atty. Gen. Jerry Brown said Friday.
The men used investors' money to finance their estates, jets and cars before their Ponzi scheme collapsed, causing some retired investors to lose their life savings, Brown said. The defendants are James Stanley Koenig, 57, of Redding; Gary T. Armitage, 59, of Healdsburg; and Jeffrey A. Guidi, 54, of Santa Rosa, according to the statement.
