Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Investment Scam Leaves New Jersey Woman Broke

An alleged New Jersey investment scam leaves a Hoboken woman broke and her house in foreclosure. Nancy Yobbagy claims that she lost all her money to a scam artist.

Ms. Yobbagy spent the majority of her life working hard and planned on retiring on the Jersey Shore. She claims that she trusted Zina Martin, whom she met at church, with her money. She had given Ms. Martin control of both hers and her husband’s pension.

According to Ms. Yobbagy, Ms. Martin sent her monthly statements showing returns of 15 percent and more. However, further investigation revealed that these statements were false. Prosecutors allege that Ms. Martin spent the money to benefit her lifestyle.

Ms. Yobbagy didn’t appear to know that something was amiss until she learned that her house was in foreclosure.

"I got a call from a bank saying you're in default on your mortgage. And I said you must have the wrong number because my mortgage is paid," Ms. Yobbagy said.

Ms. Yobbagy’s lawyer says that Ms. Martin forged the paperwork for two mortgages in the amount of approximately $700,000 before finally letting them go into default.

"She caused this house to go into foreclosure. Nancy has lost every cent of every dollar she worked for," Ms. Yobbagy's attorney said.

Ms. Martin is currently serving a 10-year prison sentence after pleading guilty of bilking investors out of nearly $1 million.

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