BRIEF: State says San Clemente man bilked seniors of $1.6 million in investment fraud scheme
Malatesta faces seven counts of insurance fraud, six counts of residential burglary, two counts of financial elder abuse and one count of grand theft, adding up to
Malatesta, 55, of
All of the allegedly fraudulent investments were shut down when false information Malatesta provided was caught by insurers, the agency alleged. The money Malatesta scammed his victims for was returned to them, the department said.
Malatesta's case is being prosecuted by the
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