A Fresno man has been sentenced to 52 months in federal prison for orchestrating a $9.1 million Ponzi scheme through two real estate companies. Matthew Campbell, 43, pleaded guilty to wire fraud, admitting to defrauding more than 40 investors.
Campbell operated Preferred Property LLC and Ampez Rehab Investments LLC, presenting them as legitimate opportunities for real estate investment, renovation, and sales that promised attractive returns. However, prosecutors stated that from January 2018 to October 2025, he misused millions of dollars in new investor funds to pay earlier investors, a hallmark of a Ponzi scheme.
According to the U.S. Attorney's Office for the Eastern District of California, Campbell knowingly made false representations about his companies' financial status, projected returns, and distributions to attract new investments. Court documents revealed that at least $2.293 million of new investor funds were used for these payments.
"Mr. Campbell took advantage of the hard-earned savings of innocent people who were trying to secure their financial futures," U.S. Attorney Eric Grant said in a statement. "By masking a fraudulent Ponzi scheme as a legitimate real estate opportunity, he violated federal law and exploited the trust of dozens of investors."
The FBI highlighted the financial devastation experienced by victims, many of whom believed Campbell's claims of guaranteed returns from a legitimate real estate business. "Today's sentence ensures Matthew Campbell will pay a price for his crimes, but it cannot erase the breach of trust and financial devastation families and retirees who placed their confidence in Campbell suffered," said FBI Sacramento Special Agent in Charge Brian Tosh.
Campbell pleaded guilty before U.S. District Judge Jennifer L. Thurston on February 9, 2026. A restitution hearing is scheduled for October 22, 2026.
Financial fraud investigator Barry Minkow, who reported concerns about Ampez Rehab Investments to the Securities and Exchange Commission in 2021, noted that his investigation predated Campbell's guilty plea. Minkow subsequently referred the matter to California's Department of Financial Protection and Innovation after the SEC's Los Angeles office reportedly declined to act. His concerns included questions about the company's real estate holdings, licensing, and investment structure.
Minkow has also voiced criticism regarding oversight in the private real estate investment industry, arguing that complex financial structures can obscure fraud from regulators. He advocates for regulators to obtain bank records more quickly to trace investor funds. The nearly five-year period between his initial report and Campbell's guilty plea, Minkow suggested, illustrates the challenges in uncovering such financial fraud.
The case serves as a cautionary tale for consumers considering private real estate investments, especially those promising unusually high or guaranteed returns. Experts advise investors to verify where their money is allocated, confirm the underlying properties, and independently check a company's financial and licensing claims before investing savings.