A Florida woman who pleaded guilty to operating a nearly $200 million ($310 million AUD) Ponzi scheme was sentenced on Tuesday to 20 years in prison.
Florida ‘Mother Teresa’ Johanna Garcia who operated $310 million Ponzi scheme sentenced to 20 years in prison
Judge Jose Martinez of the Southern District of Florida also sentenced Garcia to three years of supervised release, a $100 special assessment and additional restitution to be determined March 3, according to the US Attorney’s Office. The group told investors their funds would be used to back these short-term, high-cost loans and promised sizable returns of 10% per month, an annualized rate of 120%, according to the documents.
“As a result, Garcia paid investors by running a large Ponzi fraud scheme, paying existing investors using new investor funds while misappropriating millions of dollars for her own personal benefit,” the US Attorney’s office said in a press release on Tuesday.Garcia and MJ Capital’s insiders spent millions of dollars to fund their own luxurious lifestyles, including frequent travel, high-end clothing, crypto assets and luxury vehicles, according to the Securities and Exchange Commission.
Johanna Garcia was “often referred to as ‘Mother Teresa’ in her community,” the MJ Capital website claimed. Picture: WSVN
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