California Woman Gets 12+ Years In Ponzi Scheme Scamming 600+ Into Investing $18M+ In Phony Firm Purportedly Helping Homeowners Facing Foreclosure

In Los Angeles, California, The Associated Press reports:

• [J]eanetta Standefor, 40, of Altadena, was sentenced to 151 months in prison and ordered to pay more than $8.6 million in penalties. [...] Prosecutors said Standefor ran a Ponzi scheme between 2005 and 2007 that lured more than 600 investors in California, Nevada and Georgia into investing money in her company, which purported to use the funds to help homeowners facing foreclosure get current on their mortgage payments.(1)

For more, see Calif woman sentenced in real estate scheme.

See also U.S. Attorney (Los Angeles) press release: Woman Who Promised To Help Homeowners Avoid Foreclosure Sentenced To Over 12 years In Prison For Taking millions From Investors In Fraudulent Scheme.

(1) According to the U.S. Attorney's Office, Standefor’s fraud was what is commonly called “affinity fraud,” that is, a fraud directed at a particular community. Standefor and AFG targeted investors in the African-American community through a now-defunct Web site, word of mouth, real estate seminars and testimonials by other seemingly successful African-American investors. She reportedly cheated investors out of $18 million.