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mo.co. fraud plea 10/26/11 0645 e.a.

the former president of a monterey county financial company has pleaded guilty to conspiracy to commit wire and mail fraud.  61 year-old david nielsen faces 97 months in federal prison and is ordered to pay nearly 70 million dollars in restitution.  neilsen is set to be sentenced on february 27th.  investors in monterey based cedar funding lost more than 100 million dollars in what was operated as a “ponzi scheme”. 

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