Image via WikipediaBy Randy Economy
www.Economy4ABC.Blogspot.com
December 7, 2010
3:42 p.m.
Los Angeles, CA
I wanted to update my blog about the
arrest of
Beverly Hills Scam Queen Rosi Ray from the FBI.
Yep, ol' Rosi has been put in hand cuffs and arrested on federal
wire fraud charges for running one of those seedy ponzi schemes.
(Photo simulation of Rosi on the side. Real photo of Rosi running the streets of Beverly Hills right before her arrest.... below)
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| Rosi Ray. Caught on film. Randy Economy Blog Photo |
Many of you who have been ripped off by Madame Ray have dropped me notes, and have sent me photos and comments about her illegal acts.
Here is the "official" word from the FBI. Send this to everyone you know who has been ripped off my Rosi Ray.
Also, keep sending me information on how Rosi Ray ripped you off. We CAN keep the pressure up to make sure that she never does this again. Hit my comment section.
Keep you posted....
RrE
From the
FBI Los Angeles
Federal authorities have arrested a Beverly Hills woman on federal wire fraud charges for allegedly running a
Ponzi scheme that collected nearly $11 million from scores of Southland victims who were promised huge profits from settlement annuities.
Rosi Ray, 56, of Beverly Hills, was arrested at her business yesterday by special agents with the
Federal Bureau of Investigation. Ray, who also used the names “Rose Ray” and “Gloria Lujan,” was arraigned late Thursday in
United States District Court in Los Angeles, where she pled not guilty to the five counts in the
indictment.
The indictment, which was returned by a
federal grand jury on December 1, alleges that Ray and others solicited investments from victims who were told their money would be used to purchase court-ordered, monetary settlement annuities from accident victims at a discount, and the settlement annuities would then be cashed in at a substantial profit. Ray told investors that once she purchased the annuities she could arrange to receive the true value of the settlement in a lump sum. As part of the scheme, Ray told victims that their investments were guaranteed to earn a substantial monthly return, anywhere from 10 to 200 percent over a period of two to 12 months.
The indictment alleges that Ray did not spend any of the investors’ money on the promised investments. Rather, Ray spent the money on
investor payouts, her son’s drag racing career, her purse consignment business, and personal expenses.
As a result of the fraud scheme, the indictment alleges, Ray caused approximately 180 investors to invest approximately $10.9 million in the bogus monetary settlement annuity business, with approximately half of the investors losing most of their money.
An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty.
Each count of wire fraud in the indictment carries a statutory maximum penalty of 20 years in federal prison.
Ray was released late Thursday on a $100,000 bond. She is currently scheduled to go on trial on January 25 in United States District Court in Santa Ana.
The case against Ray is the result of an investigation by the Federal Bureau of Investigation.
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