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Female Real Estate Madoff Heads to Slammer

21 May 2010 1,009 views One Comment

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In her recent trial Patricia Morgen admitted to bilking more than 400 investors out of millions of dollars with faulty real estate investment promises. Morgen was sentenced to 15 years in prison.

The Madoffess Morgen is set to pay $9 million in restitution to her victims. However, whether or not that kind of money is still available remains a question.

Morgen was allegedly running a Ponzi scheme, promising investors large profits from real estate investments in the Reno, Nevada area while actually paying previous investors and skimming for herself. The properties that the company did in fact acquire were done so by liar loans and by other fraudulent means.

The scheme came to a dramatic halt when Morgen threatened to jump off a building when confronted by the police and her impending arrest.

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