Lydia I. Cladek, 66, of St. Augustine, Florida, has been indicted on charges she bilked investors out of more than $113 million. Cladek, the owner and principal of investment firm Lydia Cladek, Inc., is alleged to have used investment funds to purchase high interest auto loans, then issued promissory notes secured by the vehicles, and used the proceeds to enrich herself and pay off earlier investors. Cladek reportedly was guaranteeing investors a return of up to 20 percent per year in the scheme. The 14 count indictment charges Cladek with wire fraud, mail fraud and conspiracy to commit wire and mail fraud.Monday, November 29, 2010
Florida Woman Indicted In Alleged $113 Million Ponzi Scheme Case
Lydia I. Cladek, 66, of St. Augustine, Florida, has been indicted on charges she bilked investors out of more than $113 million. Cladek, the owner and principal of investment firm Lydia Cladek, Inc., is alleged to have used investment funds to purchase high interest auto loans, then issued promissory notes secured by the vehicles, and used the proceeds to enrich herself and pay off earlier investors. Cladek reportedly was guaranteeing investors a return of up to 20 percent per year in the scheme. The 14 count indictment charges Cladek with wire fraud, mail fraud and conspiracy to commit wire and mail fraud.
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