When the market turns south the scams come out of the woodwork. Antoinette Hodgson of New Jersey is accused of running a ponzi scheme that took 45 million dollars from investors in her real estate business.
It is a classic story, she was going to rehab the homes and then share the profits. When the market went down, Hodgson is accused of running off to Vegas and Atlantic City instead.
I wonder if her defense will be that putting the money on the roulette table in Atlantic City was a better bet than putting money into homes in 2007. I mean, we know at that stage properties were dropping. She may have had a better chance of getting a return from Caesars.
Antoinette Hodgson, 58, allegedly bilked more than 20 investors in New York and New Jersey of tens of millions of dollars, allegedly telling her victims she was using their money to buy and renovate homes and sell them for high returns, prosecutors said.
However, authorities said, she allegedly used the money to repay previous investors in the pattern of a classic Ponzi scheme, according to a complaint unsealed yesterday in Manhattan federal court.
Authorities said Hodgson allegedly spent hundreds of thousands of dollars at casinos in Atlantic City and Las Vegas, and spent more than $700,000 on a Dunkin Donuts franchise in Arizona, according to court papers. She also allegedly gave tens of thousands of dollars to friends and family members, according to court papers.
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Even if Mrs.Hodgson helped her family, her greed outweighs it all. People gave her an inch (or thousands) and she took a mile (millions)…For that Ms. Hodgson I hope you rot for 20 years, that smirk of yours will quickly be slapped off by the long dick of the law.
http://scallywagandvagabond.com/2010/06/wipe-that-smirk-off-your-face-bitch/