REDDING, Calif. — A man accused of cheating North Coast residents out of hundreds of millions of dollars in what prosecutors characterized as one of the largest real estate Ponzi schemes in state history has been convicted by a Shasta County jury. The Santa Rosa Press Democrat reports 60-year-old James Stanley Koenig of Redding was found guilty on 35 of 36 felony counts, including securities fraud and first-degree burglary. Koenig faces 50 years in prison when he’s sentenced in June. More in the Sacramento Bee here.
