Broker gets jail time for flogging non-existent fund
A St. Louis insurance broker has been sentenced to four years and six months in prison for a fraud scheme that cost investors more than $1 million.
A St. Louis insurance broker has been sentenced to four years and six months in prison for a fraud scheme that cost investors more than $1 million.
Sixty-one-year-old Germaine Pang must also repay the money under the sentence she received Wednesday in federal court.
Pang pleaded guilty earlier to mail fraud.
Court documents show Pang worked as an independent contractor from 2003 through late 2009, helping clients obtain insurance and soliciting them for investment opportunities.
Prosecutors say she coaxed clients, including relatives and friends, to invest in a nonexistent fund but deposited the money in her personal bank accounts. They said she even created fake annual reports showing the investments were safe and growing.
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