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Latino Daily News

Wednesday January 4, 2012

California Business Extradited from Panama in Multi-Million Dollar Fraud Case

California Business Extradited from Panama in Multi-Million Dollar Fraud Case

Photo: Panama Extradition of Joseph Randall Medcalf

Click Here to Enlarge Photo

Joseph Randall Medcalf, 55, was deported over the weekend by Panama to the United States after being arrested late last week in Panama, announced U.S. Attorney Benjamin B. Wagner.

On March 24, 2011, a federal grand jury in Fresno indicted Medcalf, charging him with defrauding investors of $3.2 million.

According to the indictment, from May 2002 to October 2007, Medcalf, a financial advisor, defrauded his clients by encouraging them to invest in bogus investment opportunities, primarily two that he had formed himself: All Valley Holdings LLC and CenCal Value Investments LLC. The indictment alleges that Medcalf did not invest the clients’ money as promised but used it for his own personal expenses and enjoyment.

In October 2007, Medcalf filed for personal bankruptcy in order to discharge his debts related to this scheme. According to the indictment, he fled the United States in 2008.

If convicted, Medcalf faces the maximum statutory penalties for the mail and wire fraud counts of 20 years in prison and a $250,000 fine.