LOS ANGELES (AP) — A West Covina woman who promised investors up to 20 percent returns on their money has pleaded guilty in a nearly $7 million real estate and small business Ponzi scheme.
Guadalupe Valencia pleaded guilty Monday to six federal fraud charges claiming she bilked more than 150 victims who invested in her Downey-based Real Estate & Loan Consultants and R.E. Equity Group investment pools.READ MORE: LA County Announces Re-Homing Program To Help Keep Pets Out Of Shelters
Valencia, 46, who was immediately taken into custody, faces 86 years in federal prison and fines totaling $1.5 million when she’s sentenced May 23.READ MORE: Viral Trend On TikTok Encourages Students To Damage School Property, Steal
From 2001 to 2009, prosecutors say Valencia promised investors high rates of interest from 8 percent to 20 percent in as little as 45 days.MORE NEWS: New $500M Skyscraper Proposed For Sunset Blvd. In Hollywood
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