Guidi: I was duped, too, in AGA scandal

REDDING — The attorney representing a Santa Rosa man accused with two others of bilking at least 2,000 investors of approximately $200 million said Monday that his client had no role in the alleged Ponzi scheme.

In fact, he said, his client, 53-year-old Jeffrey A. Guidi, also was duped by his co-defendants.

Legal documents filed Monday by Guidi’s attorney, Ted W. Cassman of Berkeley, claim the state Attorney General’s Office has falsely lumped Guidi with the other two defendants in the case, Gary T. Armitage of Healdsburg and Redding businessman James S. Koenig.

“In contrast to his co-defendants, Mr. Guidi was never involved in the creation, management, control or supervision of any of the investment deals,” Cassman said in a written argument to reduce Guidi’s $5 million bail. “Rather, his role was always limited to that of a securities broker who facilitated the sale of investment products to his clients.”

Guidi was “not aware of and did not participate in any fraud,” Cassman said.

The document included 30 letters of support from friends, family, colleagues and clients.

Robert Morgester, the deputy state attorney general prosecuting the case, did not object when Shasta County Superior Court Judge James Ruggiero reduced Guidi’s bail to $1 million.

Morgester said Monday that Guidi brokered sales of approximately 68 securities totaling $10 million, a relatively small portion of the alleged $200 million investment scheme.

The three men were arrested last month following a 17-month state investigation into the alleged Ponzi scam.

Armitage, owner of now-defunct Santa Rosa investment firm AGA Financial, and Koenig, who owned Redding property acquisition firm Asset Real Estate Investment Co., both have pleaded not guilty to 70 counts of securities fraud and residential burglary. They remain in Shasta County jail in lieu of $5 million bail each.

Guidi has yet to enter a plea.

A preliminary hearing for the trio tentatively is set for June 22.

The legal documents filed Monday on behalf of Guidi note that state documentation of the case, which must be turned over to defense lawyers, will likely exceed more than a million pages and the preliminary examination will last at least two months.

Family members are putting up their homes to try to post bail for Guidi. He will return to court on June 16 when it’s expected that a real property bond will be posted to ensure his release.