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Rancho Santa Fe residents have come up with some wild frauds in the past, but this one deserves special mention. Richard M. Hersch pleaded guilty today (Nov. 16) in federal court to recruiting 150 investors to plunk $25 million in his company, called All States ATM. Hersch, 72, of Rancho Santa Fe, told his investors that his company had contracts to place automated teller machines (ATMs) on the "backside" of racetracks, where only track employees, horse owners and trainers and others could have access to them. He promised 2% to 6% returns per week. That's per WEEK. Hersch said he had 160 employees and hundreds of ATMs. Investigators found that racetracks had no contracts with him. He faces 20 years in prison for mail fraud and 5 years for financial conspiracy, according to the U.S. Attorney's office.
Rancho Santa Fe residents have come up with some wild frauds in the past, but this one deserves special mention. Richard M. Hersch pleaded guilty today (Nov. 16) in federal court to recruiting 150 investors to plunk $25 million in his company, called All States ATM. Hersch, 72, of Rancho Santa Fe, told his investors that his company had contracts to place automated teller machines (ATMs) on the "backside" of racetracks, where only track employees, horse owners and trainers and others could have access to them. He promised 2% to 6% returns per week. That's per WEEK. Hersch said he had 160 employees and hundreds of ATMs. Investigators found that racetracks had no contracts with him. He faces 20 years in prison for mail fraud and 5 years for financial conspiracy, according to the U.S. Attorney's office.