Richmond’s Investment Properties of America CEO, Lara Coleman, has copped to a massive $132 million fraud. The 40-year-old admitted to duping clients and using the cash for her lavish lifestyle.
Coleman, along with accomplices, allegedly funneled millions through 1031 Tax Group (1031TG) while lying about safeguarding client funds for property exchanges. The scheme unraveled after a federal investigation.
The admitted swindler faces a decade in the slammer and a half-million-dollar fine. Two more execs also pleaded guilty in the elaborate con, set to be sentenced May 2009.
Law enforcement slams Coleman’s ‘material false statements’ to investigators as a pivotal factor in their probe.
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Key Facts
- State: Alabama
- District: Northern District of Alabama
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release
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