Rita Ann Gosselin, 58, of Grosse Ile, Michigan, has been arrested and charged with operating a real estate Ponzi scheme which allegedly defrauded up to 20 people out of $500,000. The scheme reportedly went on between April 2007 and September 2008 wherein Gosselin promised prospective investors that she could purchase foreclosed and distressed properties in bulk, renovate them and sell them for a profit, providing monthly revenue. Gosselin was charged with one count of racketeering and three counts of false pretenses over $20,000. She faces up to 50 years in prison if convicted on all four felony counts.Read the Michigan Attorney General's announcement here.
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