San Franciscan Accused of Ponzi Scheming

Prosecutors allege illegal investment practices went on for 30 years

By Jackson West
|  Friday, Oct 16, 2009  |  Updated 2:45 PM PDT
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San Franciscan Accused of Ponzi Scheming

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Was this quiet corner of San Francisco the site of a $20 million Ponzi scheme?

You wouldn't think of a shop on Irving Street in San Francisco's quiet Sunset neighborhood would the site of major financial fraud, but that's what federal prosecutors are saying.

Roberto Heckscher of Irving Bookkeeping and Taxes allegedly funneled money from new investors to previous investors as payments on loan interest, and used the money to gamble and speculate on investments.

While it's unknown how many people were affected, investors may have been defrauded of up to $20 million over the course of the last 30 years.

So while it may not be Wall Street in scale, that doesn't mean it hasn't hit some San Franciscans pretty hard.

Jackson West hopes nobody lost their life savings.

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