Feds Say Irving Woman Used Christian Schools as a Front for $1 Million Ponzi Scheme

An Irving woman was indicted last week for devising a $1 million Ponzi scheme that lasted more than seven years and fooled 35 investors.Nemelee Liwanag Jiao, 47, claimed to represent Shepherd's Light Learning Center and Lord of Peace, two nonprofit schools in the Philippines, and used the money she raised from investors to buy herself a country club membership and to cover other personal expenses. Jiao persuaded investors to sign promissory notes supposedly issued by the two nonprofit schools. She promised them a 10 percent to 100 percent return on their investments, all of which ended up in her own bank accounts. Jiao notarized most of the investment contracts the make them seem legitimate. Investors were to write checks and wire funds to bank accounts controlled by her.Jiao was indicted last week by a federal grand jury in Dallas on two counts of wire fraud.Anyone who believes they may have been victimized by the scheme can call the FBI at 972-559-5000.  Continue reading...

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