A Laguna Niguel man turned himself in to police Thursday on charges that he helped perpetrate the county's largest Ponzi scheme on record.
At least 80 Orange County victims lost over $21 million in a $150 million investment fraud scheme, prosecutors alledge.
Adam Jay Boskovich, 43, is charged with 32 felonies and could spend as much as 45 years in prison if convicted. He posted $1 million bail.
Boskovich is due back in court Dec. 20 for his arraignment.
Boskovich is accused of conspiring with co-defendant Gerard Frank Cellette, 48, formerly of Anoka County, Minn. Cellette ran a small printing company out of a room of his home, according to prosecutors.
Cellette is accused of luring investors with promises of 10- to 15-percent returns on phony printing contracts with major corporations. Boskovich is accused of being one of three Orange County men who acted as Cellette's unofficial brokers in California.
Prosecutors say Boskovich was initially unaware of Cellette’s scheme. But they say he simultaneously conducted his own scheme by misrepresenting or falsifying information to investors to collect higher investments, and thereby received higher commissions. He is further accused of falsely indicating to investors that he had personally examined Cellette’s operations, contracts, and insurance policies.
Boskovich is accused of collecting over $1 million in commission in the Ponzi scheme.