Santa Cruz County

2 accused in Scotts Valley-based Ponzi scheme plead guilty to federal charges

SAN JOSE, Calif. - Two of the three men charged in connection with a so-called Ponzi scam out of Scotts Valley have pleaded guilty, according to federal court records.

Christopher Luck, Keith Rode and John Geringer were indicted on more than 100 charges of mail, wire and security fraud in December 2012.

The three were partners in Geringer, Luck and Rode LLC, which managed an investment fund called the GLR Growth Fund. Federal prosecutors accused the three of defrauding their investors of millions of dollars.

Prosecutors accused the three of lying to their investors about where the funds were being invested -- and in fact, investing the money in startup companies in which the three held an interest.

This month, according to court records, Luck pleaded guilty to three of the charges against him --  conspiracy to commit mail and wire fraud, mail fraud and securities fraud. He's scheduled for sentencing on Nov. 24.

Geringer also pleaded guilty to the same three charges and is scheduled for sentencing on Oct. 20.

Rode's case is still pending, according to federal court records, and he's due back in court in August for a status hearing.

Civil charges also were filed by the U.S. Securities and Exchange Commission. 

comments powered by Disqus