Former Truckee Resident Indicted for $1.7m Investment Fraud
SACRAMENTO, Calif. — Patrick Slavin, 55, formerly of Truckee, was arraigned today in federal court on a 21-count indictment charging him with mail and wire fraud for an investment scheme that he ran from 2008 through 2016, U.S. Attorney Phillip A. Talbert announced.
According to court documents, Slavin claimed to have developed a proprietary investment model that guaranteed returns of 12-18 percent that would be paid within one to two years of the investment. He persuaded some individuals to invest by representing that the money would be invested through a “social venture” fund or project that would earn returns by providing capital and services to nonprofit organizations. After the investments were made, Slavin assured investors that their money was earning profits. Based on these assurances, Slavin solicited additional investments or encouraged his investors to rollover their prior investments. In truth, Slavin used a large portion of the investors’ money to pay back other investors or for his own personal expenses and lost the rest in trading. Overall, investors lost at least $1.7 million.
This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney Todd A. Pickles is prosecuting the case.
If convicted, Slavin faces a maximum statutory penalty of 20 years in prison and a fine of $250,000 or twice the gross loss or gross gain from the fraud scheme. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.