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Trial Continues in Case Against Real Estate Firm Co-Owner Accused of Ponzi Scheme

The trial of a Phoenix man accused of setting up a real estate Ponzi scheme during the Great Recession continued in Santa Ana on Tuesday. According to federal prosecutors who spoke with jurors at court, Michael J. Stewart—a co-owner of a real estate firm based in Irvine and Long Beach—set up the Ponzi scheme to pay off old investors while continuing to recruit new ones for a plan to flip distressed apartment buildings during the Great Recession’s housing collapse.

 

State Water Board Shows Long Beach Among Successful Cities in Water Use Reduction

Long Beach was not alone in satisfying its water reduction goals with its 19 percent reduction in water use, succeeding in the face of new state mandates with the cities of Santa Monica (22 percent reduction), Pico Rivera (23.4 percent reduction), Seal Beach (21.9 percent reduction) and Inglewood (21.3 percent reduction), according to state water figures released today.