Judith Zabalaoui, 71, a longtime financial planner based in New Orleans, Louisiana and now residing in Birmingham, Alabama, admitted in a plea agreement last week that she had embezzled some $3 million in client investor funds in a scheme involving two fraudulent companies she set up - Paragon Company and Omni Clearing. She had promised returns of between 13 and 26 percent. Zabalaoui's fraud started as far back as 1993, according to prosecutors and she has agreed to pay $3 million in restitution. Instead of investing the money, she used it to pay earlier investors as well as on herself and her family.
Read the story here, here and here.
Read the DOJ's announcement here.
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