California News

Jul 11, 2013 11:51 PM by Associated Press

SJ woman sentenced for running Ponzi scheme

SAN JOSE, Calif. (AP) - A former San Jose real estate agent convicted of bilking clients out of $2 million in a lavish Ponzi scheme has been sentenced to 15 years in prison.

The San Jose Mercury News reports (http://bit.ly/1dkPDKQ ) 51-year-old Jill Marie Silvey was also ordered to pay restitution to her victims.

Silvey was convicted earlier this year of 52 fraud-related felonies for scams she ran between 2005 and 2011. She was arrested in June of last year.

Authorities say Silvey took money from victims under the pretense that she was lending it to homeowners in exchange for monthly interest payments, but the homeowners were unaware about any loans.

Prosecutors say she used the money to keep the Ponzi scheme active but also bought expensive cars, clothing and high-end furniture to remodel her home.

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Information from: San Jose (Calif.) Mercury News, http://www.mercurynews.com

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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