U.S. Attorney Joseph Russoniello announced today that Malcolm McVickar Jr., 67, pleaded guilty Thursday before visiting U.S. District Court Judge Consuelo Marshall to three counts of wire fraud and three counts of mail fraud.
Russoniello said McVickar admitted during the plea to defrauding investors by promising fixed monthly interest payments and a money back guarantee.
In fact, Russoniello said, McVickar used investors' money to pay off previous investors, to make unrelated investments and to pay personal expenses.
Russoniello said investors lost a total of $436,000.
McVickar will be sentenced by Marshall in San Francisco on Dec. 18. Defense attorney Kenneth Wine said the plea agreement provides for a sentence of three and one-half years. Under the agreement, McVickar will also be ordered to pay restitution.
Separately, McVickar pleaded guilty in Marin County Superior Court in January to embezzling more than $200,000 from seven victims, including his 92-year-old father and an 84-year-old widow.
He is serving a nine-year sentence in state prison for the embezzlement, but is likely to be released after serving half that time because of credit for good behavior, Wine said. The defense attorney said McVickar will then serve his federal sentence.
Wine said, "This case was resolved in a fair way for all concerned."
Wine also said, "Mr. McVickar is relieved to have this case behind him and is anxious to return to society and pay his debts."