Kenneth Powell and Kathryn “Katie” Rose, who broadcasted weekend infomercials on the KVTA/1520 AM radion band, have been sentenced to prison for operating one of the biggest real estate fraud schemes ever in Ventura County, according to prosecutors.
In sentencing Powell, 59, and Rose, 63, Ventura County Superior Court Judge Kevin McGee said “The magnitude of the harm here is impossible to overstate.” Powell received 18 years and Rose 12 years 8 months, lengthy sentences, in my experience, for real estate fraud.
Powell and Rose hosted a program called “Academy of Real Estate” and according to Ventura County District Attorney prosecutor Dominic Kardum, almost $3 million was stolen from 15 people living in Los Angeles, Ventura and Santa Barbara Counties. Co-prosecutor Miles Weiss said none of the money was recovered. Judge McGee referred to the crimes, which were presented to the investors as projects to develop vacant lots that had been secured by real estate as a “classic Ponzi scheme.”
The third defendant, Paul Charles Lascola, 70, is set to go before a preliminary hearing on October 10.
Read the original article in the Ventura County Star.