Whitney, TX woman sentenced for role in Ponzi scheme
March 25th, 2010 - 4:02 am ICT by BNO NewsWACO, TEXAS (BNO NEWS) – A Whitney, Texas woman was sentenced on Wednesday to seven years in federal prison for her role in a large-scale Ponzi scheme, prosecutors informed.
Julia Ann Schmidt, 68, pleaded guilty to one count of mail fraud. She admitted to fraudulently represent herself to individuals as an agent for Fortis Investment between April 2007 and May 2009. She asked money from clients promising to generate a 30 percent return on their investment.
Schmidt told investors that part of the investments would involve the Texas Ranger Museum, Hillcrest Hospital and the Waco Riverwalk Project. The investors received neither the original investment nor the interest income promised. She fraudulently obtained over half a million dollars.
The defendant was also ordered to pay $558,765 in restitution to the victims.
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