George Ronald Russell sentenced to four years in prison for $1.1 million investment scheme
VENTURA COUNTY, Calif. – On Tuesday, Ventura County District Attorney Erik Nasarenko announced that George Ronald Russell was sentenced to four years in state prison after he pled guilty to 18 felony counts related to an investment scheme.
During Tuesday's sentencing, Russell was required to pay $1,196,617 in restitution to the victims of his crimes reflecting the balance of stolen funds and accrued interest shared the Ventura County District Attorney's Office in a press release Tuesday.
Russell pled guilty to the following charges and special allegations:
Criminal Counts
- {12 counts} PC 4487(a)-Grand Theft
- PC 368(d)-Theft from Elder or Dependent Adult
- {Three counts} PC 186.10-Money Laundering
- {Two counts} PC 664/532(a)-Attempt to Obtain Money, Labor, Or Property by False Pretenses
Special Allegations
- PC 803(c)-Statute of Limitations
- PC 801.5-Statute of Limitations, Public Employee
- PC 186.11(a)(2)-Excessive Loss Over $500,000
- PC 186.10(c)(1)(B)-Excessive Loss over $150,000
- CRC 4.421(a)(9)-Crime Involved an Attempted and Actual Taking or Damage of Great Monetary Value
- CRC 4.421(a)(8)-Manner in which the Crime was Carried Out Indicates Planning, Sophistication, or Professionalism
- CRC 4.421(a)(11)-Defendant Took Advantage of a Position of Trust
- CRC 4.421(b)(3)-Defendant Has Served Prior Prison Sentence
According to the Ventura County District Attorney's Office, Russell used the copyright of his pamphlet, The DUI Nightmare, to obtain loans based on several false claims.
Russell falsely claimed that Walmart and other investors had agreed to purchase the pamphlet for millions of dollars and that he needed the investment of his victims to cover the cost of buying out other investors explained the Ventura County District Attorney's Office.
To promote and support his claims, Russell falsely promised significant returns to victims, staged fake phone calls and texts with Walmart executives, and forged contracts with the retail giant detailed the Ventura County District Attorney's Office.
Between 2016 and 2018, Russell defrauded his victims of more than $1.1 million, offered fraudulent collateral including claiming equity in properties he did not own, and redistributed the same copyright to multiple investors added the Ventura County District Attorney's Office.
According to the Ventura County District Attorney's Office, a search of Russell's home and bank accounts in June of 2021 revealed widespread fraud, unearthed additional victims, and, because his actions were believed to be a civil matter, his criminal scheme remained undetected for years.
"Mr. Russell did not just steal money, he destroyed victims’ health, relationships, and trust in others," said Senior Deputy District Attorney Howard Wise who prosecuted the case. "While he deserved a much longer prison sentence for his conduct, everyone involved recognized securing immediate and substantial restitution for the victims was a priority."
