After deliberating for about three hours, a jury convicted 89-year-old Lucius Foster of 21 misdemeanor counts of grand theft and nine misdemeanor counts of contracting without a license. He was scheduled to be sentenced on Thursday afternoon, but it was delayed until Friday.
Foster was convicted of taking $5,000 each from 21 peoplefor whom he promised to build affordable homes made from cargo containers. The units were never built, and prosecutors alleged he used blatant lies and charm to attract investors.
Los Angeles Deputy City Attorney Don Cocek called Foster the "Bernie Madoff of Sherman Oaks."
Foster was immediately taken into custody after the verdict. He faces up to 25 1/2 years in county jail.
The Associated Press contributed to this report.