NJ woman charged with cheating investors out of $45 million in real estate schemeBy AP
Wednesday, June 16, 2010
NJ woman charged in $45M real estate swindle
NEW YORK — A New Jersey woman has been charged with cheating real estate investors out of $45 million in a Ponzi scheme.
Federal prosecutors in Manhattan said Wednesday that Antoinette Hodgson told investors in New York and New Jersey that their money was being used to flip real estate for high returns.
Instead, authorities say the 58-year-old Montclair resident spent most of the money on repaying earlier investors and on her herself. Court papers accuse her of spending tens of thousands of dollars a casinos in Las Vegas and Atlantic City.
Hodgson surrendered Wednesday to face conspiracy charges that carry a maximum prison term of 20 years. The name of her lawyer was not immediately available.
Tags: New York, North America, Personal Finance, Personal Investing, Real Estate, United States