Golden Valley woman pleads guilty to $1.1M fraud
February 16, 2012
Total Loss:
$1.1 Million
A Golden Valley woman pleaded guilty Wednesday to bilking investors out of $1.1 million that she used to buy a condominium and pay bills.
Renee Marie Brown, 48, indicted last May, pleaded guilty in federal court to one count of wire fraud and faces up to 20 years in prison.
In her plea agreement, Brown admitted she created Investors Income Fund X LLC in July 2009 under South Dakota securities law. She contacted investors by telephone, e-mail and in person and encouraged them to invest in Fund X, which she said was a "bond fund" with an 8 or 9 percent rate of return. She also told potential clients that she invested $200,000 of her own money.
In reality, Fund X was not a bond fund and Brown never invested any of her money in it.
Source:
Minneapolis Star Tribune
Posted in:
ACH and Wire Fraud