Federal prosecutors and Sonoma real estate mogul Ken Mattson are negotiating a plea deal that could see the indicted businessman serve up to twelve years in prison for orchestrating what authorities call a classic Ponzi scheme.
Per the Press Democrat, under the proposed agreement, Mattson would plead guilty to one count of wire fraud and pledge “full restitution” to hundreds of investors bilked out of an estimated one hundred million dollars.
While a change of plea hearing is set for May 11th, legal experts warn the deal is not yet final and could be scuttled by the defense, the prosecution, or the judge. If the plea is accepted, investors will likely have the opportunity to deliver powerful impact statements before a final sentence is handed down later this year.
Meanwhile, federal officials are working to liquidate Mattson’s remaining assets, including high-end real estate and vintage collectibles, to begin compensating victims.
