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Orchestrator of aviation engine Ponzi scheme pleads guilty to wire fraud
Read full article: Orchestrator of aviation engine Ponzi scheme pleads guilty to wire fraudSAN ANTONIO ā The mastermind behind a Ponzi scheme that defrauded victims out of millions of dollars they believed were being invested in aviation engines pleaded guilty Wednesday to wire fraud in federal court in San Antonio, according to records from the case. āI feel cheated, angryā: Woman invested nearly $400K in aviation engine venture, lost nearly all of itFederal regulators, however, could find no record that a single aircraft engine had been purchased by the company since 2015, according to the SEC lawsuit. Regulators said Farias used nearly half of the $14 million raised to pay investors Ponzi-like returns. Farias was charged with wire fraud last year, and the criminal paperwork was unsealed in mid-December, according to federal court records. She was one of 50 investors who later filed suit against Farias in Bexar County, court records show.