http://biz.yahoo.com/ap/080515/ca_investment_scam.html?.v=1
Feds charge Calif. woman with fleecing investors out of $18M in real estate scam
LOS ANGELES (AP) -- A California woman is facing criminal and civil charges in connection to a real estate scam that targeted black investors in three states, bilking hundreds of them out of $18 million, authorities said Wednesday............
Authorities claim Standefor, 40, lured investors in California, Nevada and Georgia into investing money in her company, which purported to use the funds to help homeowners in default get current on their mortgage payments.
Investors were promised their money would be multiplied by as much as 50 percent within a matter of days. Instead, Standefor was running a Ponzi scheme that paid off early investors with more recent investors' money, authorities said..............
More information
http://images.google.com/imgres?img...firefox-a&rls=org.mozilla:en-US:official&sa=N
