New Jersey Woman Gets 10 Years In Foreclosure Investment Program Ponzi Scheme

The Philadelphia Inquirer reports:

• A woman who recruited nearly 2,800 small investors to supposedly "buy" foreclosed properties was sentenced Wednesday to 10 years in federal prison. The scheme was bogus, and only the early investors got rich. A few made $50,000 to $250,000 on their $1,000 investments , and quickly spread the word to others about Lizette Morice and her suburban Philadelphia company, Gaddel Enterprises. In just 15 months, Morice took in $7.8 million.

For more, see: NJ woman gets 10 years for $7.8M foreclosure scam.