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Three East Bay residents have been sentenced in federal court in Oakland to terms ranging from home confinement to three years in prison for their roles in a scheme to sell fraudulent financial guarantee documents, U.S. prosecutors announced Tuesday.
Sharon Ringgenberg, 70, of Martinez, and Craig Scott, 53, of Oakland, pleaded guilty before U.S. District Judge Jon Tigar in August 2018 to wire fraud conspiracy. Kenneth Taylor, 57, of San Ramon, pleaded guilty to the conspiracy charge in March.
The scheme consisted of selling documents known as standby letters of credit and proof of funds letters to clients of a company called Success Bullion USA between 2009 and 2012. The documents, which could be used to obtain loans, were fraudulent because they misrepresented the assets of Success Bullion and the creditworthiness of the clients, according to court documents.
Ringgenberg, who acted as an officer of Success Bullion and provided documents, was sentenced by Tigar on Friday to one year and three months in prison. The judge also ordered her to pay $705,000 in restitution to several victims and forfeit an additional $295,000 in proceeds she received from the scheme.
Scott, who acted as a broker for the documents, was sentenced Friday to one year of home confinement and ordered to pay $527,575 in restitution and forfeit $20,000.
Taylor was sentenced by Tigar in October to three years in prison and was ordered to forfeit $3.4 million, pay $1.1 million to the IRS and pay $90,000 to a victim of the scheme.
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There was a story of a woman who used her parent’s address to allow her daughter to go to a better school and get out of poverty. She was sentenced to 5 years to life for wanting a better life for her child. Not excusing it BUT here these people have ripped off people, institutions and government and they get max 3 years. The justice system needs to be fixed. My guess, and I could be wrong, is in 3 years they will all be out and doing something again that is criminal.
You could say the same thing about Longtime Contra Costa County politician Joe Canciamilla. He committed multiple felonies robbing tax payers for years and gets a slap on the wrist. He will receive no time and only has to pay back 150,000 of which i am sure is nothing compared to what he actually stole. then there is the fire chief who did the same thing which i am sure will result in serving no time. yet three people get caught and everyone wants them locked up for years. then you have the cop you shot an unarmed mentally ill man 10 times who will walk free. i agree with the “justice system” needs fixed. it should be called the who you are or how much money can we get from you system for that seems to be more accurate to how it works.