A Stockton man was arrested this week after allegedly defrauding seven people in San Francisco out of more than $300,000 in a phony investment scheme, according to police.
Keith Wilson, 55, was arrested Tuesday in Stockton on a $1 million arrest warrant out of San Francisco after a 22-month long investigation into his businesses Tribeca Properties, LLC, and Lone Cedar Corporation, police said.
Wilson offered investment opportunities involving the purchase of distressed or foreclosed properties. Several victims became suspicious, however, after they discovered the properties had never been purchased by Wilson or his companies.
Wilson, who is now in custody in San Francisco, faces charges including securities fraud, money laundering, grand theft and elder abuse, police said.
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