The Costa Mesa businessman pleaded guilty to raising $17 million from investors, many of whom were elderly, by falsely promising returns of 8 to 10 percent.
Seven of the nation’s 10 lowest rates are in California, as high home prices discourage moving and owners who locked in low-interest mortgages stay put.
Company is accused of sharing pricing information with landlord subscribers, stifling competition and keeping rents high, U.S. Department of Justice says.