An Altadena woman charged by federal authorities with operating an $18 million real estate investment fraud scam that focused on African Americans received a sentence in federal court of 12 1/2 years in prison
Jeanetta Standefor, 40, operator of Accelerated Funding Group (AFG) in Pasadena, was also ordered by U.S. District Judge Percy Anderson to pay over $8.6 million in restitution to her victims as a result of her investment fraud.
Standefor promoted a “foreclosure reinstatement” program that attracted more than 600 investors and purported to use the funds to cure defaults on distressed properties, according to federal prosecutors. Although she promised returns of up to 50% in just a few months (Investors: that should have been a hint!), Standefor was in fact just operating a Ponzi scheme.
Read the Full Article in the Pasadena Star News.
You can also read about Jeanetta Standefor on American Greed.