Jill Marie Silvey, 50-year-old Santa Clara County real estate agent, has been arrested and charged with defrauding her clients out of $1.2 million. Because several of the victims are over 65 years of age, counts of elder financial fraud are included in the charges.
The Santa Clara County District Attorney’s Office is accusing Silvey of operating a real estate Ponzi scheme that involved getting her victims-clients to invest in a program where their money was supposed to be used as loans to homeowners in exchange for monthly interest payments. The homeowners, however, had no such knowledge of Silvey’s operation.
The pyramid scheme, or Ponzi scheme, occurred when Ms. Silvey paid some of her victims back using the money she received from newer victims.
The California Department of Real Estate shows Jill Marie Silvey’s license as active.
Read the original article in KTVU.com.