PTA Moms Charged with Grand Theft and Securities Fraud
Posted By
admin on Jul 8, 2011 10:48am PDT
Three former PTA members at the Diamond Bar, California elementary school have been charged with almost two dozen criminal charges relating to a Ponzi scheme that defrauded more than 40 people out of $1 million.
Maricela Barajas, Juliana Celeste Menefee, and Eva Perez, 51, are facing 22 felony counts each of grand theft of personal property and securities fraud. This information is from a statement issued by the Los Angeles County district attorney's office. If they are convicted on all counts, they face a maximum sentence of up to 13 years in a California state prison.
Los Angeles County sheriff's detectives said that the women convinced their victims into giving them their life savings or taking equity out of their homes for investments while they were working at functions as members of the the Armstrong Elementary School PTA. The women told potential investors they would be using their money to buy into established names, such as Alta Dena Dairy. They told the investors they would get high rates of return because they had exclusive rights to distribute the company's products at Disneyland, and Disney Hotels.
The victims came from various locations throughout Southern California and as far away as Salt Lake City, Utah. They somehow convinced the investors they would receive returns of up to 100%. Investors were promised that if they did not get the promised return on their principle, their cash investment would be guaranteed.
The defendants established numerous investors and cash between 2008 and 2010. But when the returns they were expecting did not transpire, investors began asking questions and demanding payment. The women then called meetings and attempted to pacify investors by explaining any delays in payment were a result of an internal audit of their business.
Barajas and Menefee, both who live in Diamond Bar, California, were arrested at their homes. Perez is currently already serving an 11-year state prison sentence after pleading guilty in San Bernardino County court in 2010 to multiple felony counts of grand theft in connection with the same ponzi scheme.
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