Miami man charged with Ponzi scheme targeting Simi investors

A Miami man was in Ventura County jail Monday after being charged with a Ponzi scheme and multiple counts of grand theft and securities fraud.

Fidel Bermudez, 43, promised investors that he'd met at the Church of God in Simi Valley spectacular returns and a risk-free investment if they placed investments with him.

Bermadez also received money from later investors after they saw earlier investors receiving the promised returns and did not want to miss out.

Eventually, the scheme collapsed and investors reported Bermudez to the police. Evidence revealed there were no underlying investments; Bermudez simply used funds invested later to pay returns owed on earlier investments.

Prosecutors said Bermudez reportedly received more than $1.75 million from investors.

He was arrested in Miami on June 15 and extradited to Ventura, where he pleaded not guilty at an arraignment on Monday.

He is scheduled to have a preliminary hearing July 7.

If convicted, he faces up to 17 years in state prison.

If you or someone you know is facing fraud or grand theft charges, the most important thing to do is hire a criminal defense lawyer.

When a defendant in Los Angeles faces theft charges for property valued at more than $400, he or she will face grand theft charges. If committed by way of fraud or misrepresentation, a defendant may face fraud or embezzlement charges. A standard grand theft conviction may result in up to 16 months or 2-3 years in state prison. Enhanced penalties may apply depending on the value of property and the defendant's criminal record.

Contact Ventura County Criminal Defense Attorney Robert Helfend to build an aggressive defense on your behalf. Taking advantage of your right to legal counsel may be the only thing standing between you and jail time.