T
he Securities and Exchange Commission has charged Kenneth Mattson, a San Francisco Bay Area real estate investor, with fraud for operating a "Ponzi-like scheme." Mattson, the former CEO of LeFever Mattson, allegedly sold fake interests in real estate investment limited partnerships to around 200 investors, netting at least $46 million. Many victims were retired senior citizens he met through his church.

    According to the SEC, Mattson lied to hundreds of individual investors, including retirees who invested their life savings, by promising ownership interests that didn't exist. The agency is committed to pursuing those who target retail investors and retirees like Mattson allegedly did.

    From 2007 to April 2024, Mattson allegedly sold fake ownership interest in legitimate limited partnerships owned by real investors. He commingled new investor funds with personal and business funds, using them for personal expenses. Mattson also solicited investors to transfer funds from their individual retirement accounts into self-directed IRAs to invest in the fake interests.

    The SEC has charged Mattson with violating federal securities laws and seeks permanent injunctions, disgorgement, civil penalties, and an officer and director bar. The agency has also named KS Mattson Partners LP as a relief defendant, seeking disgorgement from it as well.