According to a recent article in the Orlando Sentinel, Tina Mangiardi, 50, has pleaded guilty to one count of conducting a prohibited monetary transaction in relation to a multi-million-dollar Ponzi scheme in Central Florida. The guilty plea came as part of a plea agreement this month, and Mangiardi will face up to 10 years in prison for running the scam. Mangiardi was president of Florida-based TLM Design and Construction, and she allegedly lured investors in with fake investments in fictional construction projects.
According to prosecutors, Mangiardi promised investors returns of up to 100% on “bid bond” investments. Mangiardi gained investor trust by claiming she had worked on hundreds of Orlando construction projects and had many years of experience. Unfortunately, it is believed that Mangiardi instead used investor funds for her own personal expenses and to keep up the appearance of legitimacy by paying off prior investors. While Mangiardi allegedly claimed she had completed hundreds of projects and was investing in new projects, prosecutors say that, in the time period from 2006 to 2012, Mangiardi was only issued 12 total building permits. It is estimated that investors lost anywhere from $2.5 million to $7 million in the Ponzi scheme.
In the years leading up the current federal criminal case, Mangiardi and TLM Design and Construction have been the target of multiple lawsuits from prior investors seeking recovery of their losses in this and other alleged scams.
Unfortunately, we find stories like these in the newspaper every day. If you have become the victim of a Ponzi scheme or investment scam, a Ponzi scheme lawyer can provide direction and help you through the complicated process of FINRA arbitration and loss recovery. Please reach out to the experienced attorneys with Meyer Wilson today.