realestate

California Inmate Allegedly Orchestrates $10M Real Estate Scheme from Behind Bars

Seth Adam Depiano faces new charges of wire fraud and identity theft in a $10M scheme.

S
eth Adam Depiano, a 43-year-old man already serving a 13-year sentence for a $24 million Ponzi scheme, has been charged with new crimes related to a separate $10 million real estate scheme.

    Depiano appeared in federal court on Thursday, accused of running the new scheme from his jail cell using contraband phones and computers. He allegedly posed as a broker under fake identities, "Marcus Lazaro" and "Steven Baron Sr.," to market and sell non-existent properties.

    Prosecutors claim that co-conspirators helped meet investors in person, collecting money from victims in California, Nevada, and other locations. The crew laundered the funds through Las Vegas casinos and businesses, as well as formed shell companies to purchase real estate.

    Depiano was previously convicted of defrauding 28 investors out of $24 million in 2018. His mother had pleaded for leniency during his sentencing, stating that her son needed help but would not receive it behind bars.

    Depiano's next court date is July 16.

California inmate orchestrates $10M real estate scheme from prison cell.