NEWPORT BEACH (CNS) - Two men pleaded guilty Wednesday to stealing hundreds of thousands of dollars from victims in Orange County in what investigators initially characterized as a Ponzi scheme.
Brian Lee Kissinger, 53, of Irvine, and Kenny Rojas, 45, of Mira Loma, were both given the opportunity to avoid jail time if they pay $45,000 before sentencing, which was scheduled for Sept. 7, according to court records. If they pay the money on time, they can do a year on home confinement, but if they cannot, they will have to spend time behind bars.
The two are expected to be placed on five years of formal probation.
They both pleaded guilty to two counts of making an untrue statement or omission in connection with a purchase or sale and admitted sentencing enhancements for aggravated white collar crime exceeding $500,000.
The two had been facing dozens of felony counts of making an untrue statement or omission in connection with a purchase or sale with sentencing enhancements for aggravated white-collar crime between $100,000 and $500,000 and aggravated white-collar crime exceeding $500,000.
Newport Beach police Detective Shawn Dugan said in a court filing in 2019 that the two were engaged in a "scam resembling a Ponzi scheme."
They were accused of "recruiting unsuspecting victims to invest in buying liens on distressed real estate properties," Dugan said.
The victims invested in Kissinger's company, Aria Management Group, and "wrote large checks as part of their investment in the company," Dugan said.
The defendants "misrepresented the company and the investments, causing the victims to lose their money as a result," Dugan said.
Kissinger was accused of causing $832,000 in losses to victims, while Rojas was accused of causing $642,500 in losses, Dugan said.
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