Nemelee Liwanag Jiao, Wire Fraud, Texas 2009

A Texas woman has been indicted on wire fraud charges for allegedly orchestrating a Ponzi scheme that cost at least 35 investors over $1 million.

Nemelee Liwanag Jiao, 47, of Irving, Texas, was indicted last week by a federal grand jury in Dallas, Texas, on two counts of wire fraud for her alleged role in the scheme that began in February 2009 and continued through September 2016.

According to the indictment, Jiao devised a scheme to cause individuals to invest in promissory notes purportedly issued by Shepherd’s Light Learning Center and Lord of Peace Learning Center, two non-profit schools located in the Philippines, but instead used the invested funds for her personal benefit.

Jiao raised at least $1,000,000 from at least 35 investors and promised rates of return of 10% to 100% on investments, as well as repayment of principle and interest within 30 days to one year following the investment.

Many of the investment contracts were notarized to make the investments appear legitimate, but Jiao then directed investors to write checks and wire funds to bank accounts controlled by her.

The indictment includes a forfeiture allegation that would require Jiao, upon conviction, to forfeit funds in the amount constituting the proceeds traceable to the offense.

Jiao made her initial appearance last week before U.S. Magistrate Judge Ramirez, who ordered her to surrender her passport and released her on bond pending trial.

An indictment is an accusation by a federal grand jury, and a defendant is entitled to the presumption of innocence unless proven guilty.

If convicted, Jiao faces a maximum statutory penalty of 20 years in federal prison and a $250,000 fine.

Nemelee Liwanag Jiao is currently out on bond pending trial.

Related Federal Cases