California Real Estate Fraud Report

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21
Jan

Altadena Woman Gets Prison Sentence for Real Estate Investment Fraud

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.

This entry was posted on Wednesday, January 21st, 2009 at 2:05 pm and is filed under Investment Fraud, Real Estate Investment Fraud. Responses are currently closed, but you can trackback from your own site.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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