No Felony Charges In 2009 Orange County Ponzi Scheme That Bilked $800 Million From Investors
Specifically, as the Weekly has already reported, MCH lent millions to Integrated HealthCare Holdings (IHHI), which owns several OC hospitals and which, among other bizarre activities, sued one of its own doctors, an outspoken whistleblower who was apparently also set up in a bogus road-rage incident that involved a planted gun and presumably bogus 911 calls. Meanwhile, MCH also spent millions purchasing a pleasure yacht for use by Lampariello and Field as well as a 50 percent interest in a pornographic advertising company complete with a list of phony officers and directors.
But wait, it gets worse, according to the latest court-appointed receiver's update, which was first reported by the Orange County Register yesterday. "While investors in Medical Capital Holdings lost nearly $800 million, its principals were doing very well," the Register article states. "MedCap CEO Sidney M. Field drew $19.8 million . . . while President Joseph J. 'Joey' Lampariello got $5.39 million."
So far, the article says, the receiver has only been able to come up with $100 million for the investors, but pending lawsuits related to the SEC action will hopefully generate more cash. So given the huge amount of money stolen from investors, you'd think Lampariello and Field would already be rotting behind bars like Bernie Madoff, right?
Nope. No criminal charges have been filed against Field, and while his pal Lampariello isn't as lucky, he's only being charged with five misdemeanor counts of tax evasion, meaning that he may never even see the inside of a jail cell.