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Man Convicted In Investment Scam In Ventura County

Posted on Thursday, December 15, 2011 3:06pm

A man accused of bilking fellow churchgoers in Ventura County out of more than a million dollars has been sentenced to eight years in prison.

Prosecutors say from 2004, to 2007, Fidel Bermudez solicited investments from fellow congregants at the Church of God in Simi Valley.

But, they say it was a Ponzi scheme, and while early investors got some of the huge returns they were promised, most got little, or nothing.

The now 44 year old man eventually blamed a fictitious partner when the scheme collapsed in 2007, and he moved from Thousand Oaks to Florida.

37 investors reported investing a total of $1.7 million dollars, but received back less than a third of the total.

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