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New York Fraud: Woman charged with running $45M Ponzi scheme

New York real estate fraud attorney alert: NJ woman charged with taking $45 million from people in NY, NJ in Ponzi scheme.

06/16/2010 // West Palm Beach, FL, USA // Tara Monks // Tara Monks

New York, NY – A New Jersey woman was arrested in on Wednesday, June 16, 2010, and charged in Manhattan federal court with operating a $45 million Ponzi scheme, as reported by Reuters. According to court documents, the woman allegedly promised investors from New York and New Jersey high returns from real estate, while using their money to gamble and repay others.

Antoinette Hodgson, 58, of Montclair, New Jersey, faces charges for one count of wire fraud and one count of conspiracy. Prosecutors accuse her of soliciting the $45 million from over 20 individuals, beginning in 2006 and working through December 2009. She allegedly promised to use the money given to her by investors to buy or renovate residential properties for later resale.

Prosecutors claim that Hodgson used only $6 million to purchase real estate. They explain that the rest of the money went to repay earlier investors. Lawyers claim she also spend hundreds of thousands of dollars in Las Vegas and Atlantic City casinos. She also invested over $700,000 in a Dunkin Donuts franchise in Arizona and gave tens of thousands to family and friends.

Hodges faces a maximum of 20 years in prison if she is found guilty, as well as a fine.

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