New York Woman Admits to Stealing Nearly $7 Million Through Ponzi Scheme
Laurie Schneider admitted earlier this year to stealing approximately $6.9 million from about 30 investors by way of a real estate Ponzi scheme. Schneider was sentenced last Friday in Central Islip federal court to three years of supervised release after three years in prison. Schneider also agreed to pay back investors for their losses.
Authorities said Schneider was running two schemes congruently. One involved real estate investments while the other was a fabricated investment that involved purchasing Chinese industrial equipment and reselling it for profit in the United States.
When negotiating her sentence, Schneider's attorney introduced the fact that the defendant had three children under the age of four, one with autism. She claims she did not use the stolen money to live extravagantly, but rather used it to care for her children. In direct contrast to this claim, U.S. Attorney Michael Canty said that Schneider spent the money on "country club memberships, a power boat, luxury cars, and traveling."
In typical Ponzi scheme fashion, Schneider promised investors up to 60 percent return on investment in as little as a year-and-a-half. Beware of investment opportunities that seem too good to be true, because they often are.
Investors, always take extreme caution before investing. Ask questions such as –
- Is this broker/advisor licensed?
- Are the securities registered?
- Does the broker/advisor have any history of misconduct?
- Was a return on investment guaranteed?
- Was the promised return exorbitantly high?
If you invested and you lost a substantial amount of money, contact an investor loss attorney at Meyer Wilson. We have helped clients throughout the United States recover hundreds of millions of dollars. To learn your legal rights and options, call today or fill out a free consultation form.