Photo by John Schreiber.
Photo by John Schreiber.

A Yorba Linda-based chiropractor pleaded guilty Monday to soliciting more than $2 million from investors in a real estate scheme while spending victims’ money on himself, according to the FBI.

Bobby Hamby, 55, pleaded guilty to two counts of wire fraud in federal court.

Hamby solicited some investors for about $150,000 to acquire laser equipment for his office, according to the FBI.

Hamby, who also did business as B+E Family Investment, told investors he would use their money to acquire, improve and resell property at a profit. At least 22 investors gave him about $2.4 million for that scheme, the FBI said.

Hamby acknowledged in his plea agreement that he spent most of the money instead on his mortgage, dues at the Yorba Linda Country Club, car payments, attorneys fees, medical and dental bills as well as dining and shopping sprees, according to the FBI.

Hamby paid some of his investors back in “Ponzi-style payments,” making the total loss about $1.8 million, according to the FBI.

Hamby is scheduled to be sentenced Oct. 5.

City News Service

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