Loading
A federal grand jury convicted an Indiana woman of wire fraud and related charges in a nonprofit investment fraud scheme that bilked Floridians out of more than $5 million.
Linda Deavers, 61, of Fishers, Ind., was found guilty of 10 counts of wire fraud and five counts of money laundering, according to a release from the U.S. Attorney's office.
Deavers, according to trial evidence, used an entity under the name Angel Annie Humanitarian Trust LLC that she claimed was a 501(c)(3) charitable organization. She told potential investors she “had connections to trading programs in Europe that would generate large rates of returns,” according to the release. Deavers claimed she had previously been successful in investing in such trading programs, and the Angel Annie Humanitarian funds would go there.
But prosecutors say those representations were false. Deavers returned about $1.8 million to investors, but then she used most of the remaining $3.4 million in proceeds to fund her lifestyle in Indiana and Europe, authorities say. That includes a $1 million home.
“To lull her investors into a false sense of security, Deavers used email and Skype to provide the investors with a series of false excuses as to why she had not been able to successfully invest their money,” the release states. “Even after Deavers had spent the last of the funds from her victims, for several years, she continued to falsely claim that she was working on investments for them.”
Deavers faces up to 20 years in federal prison for each count of wire fraud and 10 years for each count of money laundering. The jury returned the verdict July 11. Sentencing is scheduled for October.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
