Jeanetta M. Standefor, 40, of Altadena, California, was sentenced to 151 months (more than 12 and a half years) in prison for operating an $18 million real estate investment scheme targeting the African-American community, according to prosecutors. The Securities & Exchange Commission brought an action against Stendefor and her company, Accelerated Funding Group in May 2008, alleging that between 2005 and 2007, she convinced more than 600 investors to invest $18 million in the scheme which purported to purchase distressed real estate that would bring returns of up to 50% within 30 - 45 days. The complaint also alleged that Standefor misappropriated nearly $2 million in investor funds to pay for personal expenditures, including a lavish wedding and honeymoon. She was originally charged with 11 counts including wire fraud, mail fraud and money laundering
Read the SEC's litigation release here.
Read the story here, here and here.
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