Fresno businessman accused of multi-million dollar Ponzi scheme

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Tuesday, November 29, 2022
Fresno businessman accused of multi-million dollar Ponzi scheme
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During a five-year period, authorities say the suspect also secured fraudulent COVID-19 funds.

FRESNO, Calif. (KFSN) -- Authorities have arrested a Fresno businessman accused of defrauding investors and the government of more than $4.2 million.

Investigators say over the course of five years, 60-year-old Royce Newcomb operated a Ponzi scheme through his company, Strategic Innovations.

The company received local and national attention for products meant to prevent package theft and weather damage.

Officials say Newcomb told investors he had been awarded a grant by the National Science Foundation while promising a return that did not happen.

During the same time period, authorities say Newcomb also secured fraudulent COVID-19 funds.

If convicted, Newcomb faces 20 years in prison.