A woman who used to be an investment advisor in Chester Township, New Jersey was recently sentenced to a term of incarceration of seven years in NJ State Prison for financial fraud.
The fraud went down between 2003 and 2013. According to the Somerset County Prosecutor’s Office, the suspect falsified more than 100 financial account statements so that she could boost the values of her clients’ accounts and then steal money.
The suspect reportedly inflated the value of her clients’ accounts by more than $800K, stole more than $150,000 from her clients, and lied to obtain almost $200,000 in adviser fees.
The suspect was also accused of committing identity theft by stealing corporate identities in order to get more funds.
Among the victims were more than 20 elderly people who trusted the suspect with their life savings.
The suspect is a 64-year-old female who used to live in Chester Township, New Jersey. She faced criminal charges for multiple theft and fraud offenses, including theft by deception and embezzlement.
Now the suspect is set to go to prison for seven years after pleading guilty to the theft and fraud charges.
The suspect recently made an appearance in Somerset County Superior Court for a formal sentencing hearing.
After the sentence was handed down by the superior court judge, the acting attorney general and prosecutor for the New Jersey Office of Insurance Fraud said that the suspect was getting justice because she “duped trusting investors into believe she had their best interests in mind when all she really cared about was stealing their money to enrich her own financial well-being.”
On top of the prison sentence, the suspect will also be required to pay more than $415,000 in restitution to her many victims.
For more information about this case, see the DailyRecord.com article, “Chester Twp. Woman Gets 7 Years for Investment Fraud.”