The highly anticipated guilty plea of Ken Mattson has been postponed to June 15 as federal prosecutors and defense attorneys continue “extensive negotiations.”
According to the Press Democrat, Mattson, accused of orchestrating a $400 million Ponzi scheme, was expected in court this week to plead guilty to wire fraud. While investors expressed frustration over the delay and a “lenient” proposed 12-year sentence, a second legal battle is brewing over Mattson’s residency.
The disgraced mogul is currently fighting eviction from his $6.5 million Sonoma estate, claiming he lives there rent-free in exchange for “caretaker services” like fire mitigation. Bankruptcy attorneys call the claim “wholly unsupported,” noting that Mattson’s victims are living on bare necessities while he occupies the luxury property.
The delay in selling such assets continues to drain the recovery fund intended for the hundreds of retirees Mattson allegedly defrauded.
