West Chester woman charged in real estate Ponzi scheme
A real estate broker from West Chester has been charged with wire and mail fraud for cheating investors out of more than $2 million in a real estate ponzi scheme, according to the U.S. Attorney's Office.
A real estate broker from West Chester has been charged with wire and mail fraud for cheating investors out of more than $2 million in a real estate ponzi scheme, according to the U.S. Attorney's Office.
Marie Mikesche Bontigao, 43, persuaded people to invest in her real estate projects and then used the money to pay personal expenses and operate her business between 2007 and 2013, according to court records.
She has franchise locations of EXIT Realty in Philadelphia, New Jersey and Delaware. She also founded the EXIT Realty "Tri-State Group" and Tri-State Investment Holdings, Inc., a business that bought and renovated properties to sell.
Bontigao told investors she was using the money to renovate properties in Maryland and homes in Philadelphia to sell for a profit. She promised her investors monthly payments and interest rates of 10 percent to 40 percent.
Instead, she used the investors' money to pay back other investors to which she owed money. She also paid for personal expenses, including electronics, dining, clothes and furniture.
About 23 lenders lost more than $2 million combined.
If she is convicted, she faces a maximum sentence of 80 years in prison, three years of supervision and a $1 million fine.
The FBI investigated the case. Assistant U.S. Attorney Denise S. Wolf is prosecuting.
- Michaelle Bond