Real estate fraud nets 12-year prison term
A California woman who duped hundreds of people into giving her millions of dollars to invest in bogus real estate projects was sentenced Friday to 12 years in federal prison and ordered to pay $31 million.
Connie S. Farris, 66, of Grover Beach, Calif., was convicted of 39 counts of mail fraud in November after a three-week jury trial in Las Vegas.
U.S. Attorney Daniel Bogden said Farris owned several companies that purportedly loaned money to real estate developers who, she said, would buy undeveloped land in Nevada, California and Utah.
Between 2001 and 2003, she operated the companies under one name, Global Express, and solicited investors through word of mouth and in ads published in the Review-Journal, promising a 14 percent return.
Bogden said the high rate should have planted red flags for investors.
“Investors need to be very cautious of persons and entities that promise higher than average returns on an investment,” Bogden said. “Such potential investments may be too good to be true.”
The real estate developments didn’t exist. Farris was able to delay detection by sending investors monthly interest checks and other materials related to the investment.
U.S. District Judge Roger Hunt ordered Farris to surrender to federal prison officials by July 15.