A Colorado woman was sentenced to four years’ imprisonment this month after she admitted to running a real estate fraud scheme that bilked investors out of $727,000.
Michelle Boyer, 58, pleaded guilty to felony securities fraud and was further ordered to pay $706,000 to her victims, according to prosecutors and court records. Additional charges of theft and making untrue statements in relation to securities were dismissed as part of a plea deal.
“Investment fraud is a serious crime and carries serious consequences,” Colorado Attorney General Phil Weiser said in a news release. “In this case, we are holding the defendant accountable for her crimes and sending a message to would-be fraudsters that if you defraud investors, you will find yourself in prison.”
Weiser’s office oversees the state grand jury, which last year indicted Boyer after two of her victims reported Boyer had promised safe and substantial returns to investors on properties she claimed to be buying, renovating and flipping for a profit starting around March 2017.
Instead of making good on her promises, prosecutors said Boyer personally withdrew investors’ money and spent it on dining, vehicle payments and personal debts.
“Coloradans looking to invest their money should be wary of anyone promising big returns quickly with little or no risk,” the Colorado Attorney General’s office said in the release.
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