Michigan AG Charges Alleged Ponzi Scheme Operator With Peddling Bogus Foreclosed & Distressed Property Investment Opportunities

From the Office of the Michigan Attorney General:

• Attorney General Mike Cox [...] announced the early morning arrest of a Grosse Ile woman accused of defrauding dozens of people in a massive real-estate Ponzi scheme. Rita Gosselin, 58, is charged with racketeering and multiple counts of obtaining money under false pretenses for orchestrating numerous fraudulent real estate investments and stealing hundreds of thousands of dollars from Michigan families.

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• Between April 2007 and September of 2008, Gosselin is accused of orchestrating a real-estate investment ponzi scheme in metro-Detroit. Gosselin allegedly enticed investors with claims she was able to purchase foreclosed and distressed properties in bulk and renovate the homes to sell at a profit. Gosselin allegedly promised investors regular monthly payments. [...] Few investors received any of the payments promised and all lost some, if not all the money they invested. Gosselin's scheme may have taken in as much as half a million dollars from as many as 20 victims.

For the Michigan AG press release, see Cox Files Charges in Massive Detroit-Area Real Estate Ponzi Scheme.