Wednesday, December 17, 2008
Texas Woman Sentenced To 9 Years For $170 Million Pyramid Scheme
Cynthia Setser, 51, of Canton, Texas, was sentenced to 9 years in prison for her role in a multi-million dollar pyramid scheme that bilked investors out of more than $170 million. Setser and her husband, Gregory Earl Setser, pictured together to the right, were alleged to be the masterminds behind International Product Investment Corporation and IPIC Investments, sham companies that targeted Christian investors. Gregory Setser was previously convicted on 22 counts in the case, including one count of conspiracy to commit mail fraud and wire fraud, ten counts of wire fraud, three counts of mail fraud, one count of securities fraud, one count of conspiracy to commit money laundering, and six counts of money laundering. and sentenced to more than 40 years in prison. His sister, Deborah Setser was also convicted on six felony counts in the case. Cynthia Setser, who skipped out on her initial hearing, was arrested in December 2007 in Florida. The Setser's lived a lavish lifestyle, spending cash on aircraft, homes, luxury travel and the like.