Chester County Real Estate Agent Charged in $2-Million Fraud Scheme
By Robin Culverwell
WEST CHESTER, Pa. (CBS) -- A West Chester woman has been indicted on wire and mail fraud charges in what authorities say was a Ponzi scheme that netted her $2 million.
Marie Bontigao, 43, worked as a real estate agent, operating an "Exit Realty" franchise with locations in Philadelphia, New Jersey, and Delaware.
Assistant US attorney Denise Wolf says that starting in 2007, Bontigao began soliciting funds for both real estate investments and property renovations.
Nearly two dozen investors fell victim to the scheme, many of whom were referred to Bontigao by word of mouth.
"The victims -- the lenders -- they trusted her," Wolf tells KYW Newsradio, "and they're not the most sophisticated investors. So, based on what they read or were told, it was reasonable in their mind to trust her. And they did -- unfortunately for them."
The $2 million taken in, Wolf says, paid for Bontigao's furniture, dining out, clothing, and electronics.
If convicted, Bontigao could face up to 80 years in prison. Authorities are seeking restitution and a $1-million fine.