NASHVILLE, Tenn. -- A Hopkinsville business woman has been sentenced to six years in prison for investment fraud scam.
Ann Scarborough, 66, of Hopkinsville, Kentucky convicted by a federal jury Tuesday on seven counts of wire fraud and one count of money laundering for her role in a multi-million-dollar investment scam
Scarborough played a major role in a three-year investment scam that defrauded victims in both Kentucky and Tennessee.
Scarborough and three other defendants claimed to be real estate gurus who could obtain huge returns on listed property. They would solicit investors for these fake real estate projects, including a Disney theme park in Middle Tennessee, a medical center in Arizona, and new land for the Bonnaroo music festival, although none of real estate deals ever existed.
The Court found that Scarborough and three other defendants caused nearly $3 million in losses to over 50 victims.
The Judge ordered that Scarborough serve six years in prison, followed by three years of supervised release. Scarborough was also ordered to pay restitution to the victims.
"This is a significant sentence for a significant crime," said U.S. Attorney Jerry Martin. "White collar criminals who defraud victims pose a continuing threat to Middle Tennessee citizens".
