Woman Admits Stealing Investor Funds Intended for Real Estate Projects

Allison Tussey —  August 12, 2014 — Leave a comment

Bonnie Lynn Recinos, aka Bonnie Farr, 54, Mesa, Arizona, pleaded guilty to conspiracy to commit mail and wire fraud for her role in soliciting investors in various real estate projects then misappropriating their funds for her personal use.

According to court documents, from April 2006 until August 2009, Recinos and others solicited individuals to invest in various business and real estate projects, promising them a return of 3 to 5 percent. She assured the investors that their investment was secured with the assets of Farr and Associates and Farr Financial Group, of which she claimed to be “the managing member.”

The conspirators sent fraudulent statements showing the progress of the investments and the purported amounts of interest earned to date. Periodic payments were made to investors using money received from new investors. This was done to lure in new investors, to reassure existing investors their money was secure, and to keep investors from reporting to law enforcement.

As a result of the scheme, Recinos obtained at least $1.7 million from investors, but instead of investing it, she used the money for her own business and personal expenses.

Recinos is scheduled to be sentenced by United States District Judge Anthony W. Ishii on January 5, 2015. The maximum statutory penalty for conspiracy to commit mail and wire fraud is 20 years in prison. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

United States Attorney Benjamin B. Wagner announced the guilty plea.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorneys Henry Z. Carbajal III and Megan A. S. Richards are prosecuting the case.

Allison Tussey

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>