ANOTHER MYTH-BUSTER: Accused California Fraudster Arrested/Deported By Panama And Returned To United States On New Year’s Eve; Joseph Randall Medcalf Faces Federal Trial In Alleged $3.2 Million Investment Scheme
Medcalf, 55, resided in Clovis, Calif., before fleeing the United States in 2008 after his $3.2 million investment scheme collapsed and he declared bankruptcy, federal prosecutors said. Medcalf was indicted in March 2011, by a federal grand jury in Fresno.
Prosecutors now say he was “arrested late last week in Panama,” which deported him.
Medcalf was transported to Atlanta on New Year’s Eve and is expected to be returned to California to face the charges.
The FBI is handing the criminal probe, and the “Office of International Affairs in the Justice Department’s Criminal Division assisted in the coordination of Medcalf’s deportation to the United States,” prosecutors said.
Medcalf presided over companies known as All Valley Holdings LLC and CenCal Value Investments, prosecutors said.
He “did not invest the clients’ money as promised but used it for his own personal expenses and enjoyment,” prosecutors said.