A Fresno real estate investor has pleaded guilty to running a $9 million Ponzi scheme.
The U.S. Department of Justice announced Monday that Matthew Campbell, 43, pleaded guilty in federal court to wire fraud.
Driving the news: Campbell operated Preferred Property LLC and Ampez Rehab Investments LLC since 2012.
He used the companies to buy and sell real estate, build, renovate properties and to solicit investments.
In 2018, Campbell started to conduct a Ponzi scheme by making false representations about the companies’ finances in order to attract new investors. He used new investment money to pay off earlier investors.
Campbell obtained more than $9.1 million in investment money from January 2018 to October 2025. He used nearly $2.3 million of that money to pay off old investors.
What we’re watching: U.S. District Judge Jennifer Thurston is scheduled to sentence Campbell on May 11.
He faces a maximum of 20 years in prison and a $250,000 fine.