According to the U.S. Attorney's Office for the Northern District of California, 63-year-old Kenneth W. Mason of Sonoma was arrested Thursday. A federal grand jury charged Mattson with seven counts of wire fraud, one count of money laundering and one count of obstruction of justice.
Mattson obtained millions of dollars in investments from hundreds of people many of whom were nearing retirement or were retired. According to prosecutors, Mattson claimed the money was going into "legitimate and safe" partnerships that owned real estate, but in reality, were "off-books investors" that never became owners in the partnerships.
According to the indictment, between 2009 and 2024 Mattson solicited investors for the scheme. Mattson told investors he was placing their money into a partnership that owned an apartment complex in Riverside County.
Some of the "off-books" investors received distribution payments, but prosecutors said Mattson used loans, comingled other assets and money from new investors to the alleged scheme to make the payments.
After the Securities and Exchange Commission began investigating Mattson in 2024, prosecutors allege he also deleted thousands of files that were relevant to the investigation.
Mattson appeared in court Friday. If convicted, he faces a maximum of 20 years to each count of wire fraud and obstruction of justice, and 10 years on the money laundering count.
"The investigation in this case is ongoing. We encourage anyone who believes they may be a victim to come forward," said Special Agent in Charge Sanjay Virmani. "The FBI and our partners remain steadfast in our commitment to uncovering the truth and seeking justice for those affected."
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