The former vice president of the defunct Estate Financial, Joshua Yaguda, who with his mother was sentenced to prison after defrauding investors of more than $300 million, has completed his prison term and subsequent probation.
Yaguda’s mother, Karen Guth, will likely be released in mid-2014, according to officials with the California Department of Corrections and Rehabilitation.
Yaguda and Guth, both of Paso Robles, were sentenced to prison in 2009 for defrauding hundreds of investors in a Ponzi scheme that collected up to $340 million.
Estate Financial — Guth was president and Yaguda vice president — collected the money from an estimated 3,000 private investors in real estate-backed securities before the company began collapsing in 2007.
Yaguda was sentenced to eight years in prison in December 2009 but released three years later in February 2012 after receiving credit for time served.
Yaguda’s release was further expedited by working at a fire camp at Sierra Conservation Center, where he received credits equaling two days for every one day served, said Luis Patino, a spokesman with the Department of Corrections and Rehabilitation.
Guth was sentenced to 12 years in prison but will likely be released after serving only four years in mid-2014.
Chief Deputy Probation Officer Robert Reyes said Yaguda had been placed on post-release community supervision, overseen by county probation, for one year after his release from prison.
The case was closed in February after Yaguda completed the terms of his probation without any violation, Reyes said.