HAT TIP: American Greed – CNBC
Case File: Flipping Frenzy Scam
Jeanetta Standefor runs Accelerated Funding Group. The company claims to use investors’ funds to save homeowners from foreclosure. But while clients think they’re helping people stay in their homes… Standefor is helping herself to millions!
Standefor convinces clients their cash is rescuing homeowners from foreclosure. She targets inexperienced investors and appeals to their sense of altruism. Her charisma lends credibility to her unrealistic claims. Her pitch sounds too good to be true… and it is.
Living the Good Life
Jeanetta Standefor is living the high life. She uses investor money to buy diamonds, tickets to the theatre and sporting events. She even uses the money to pay for her wedding and a plush honeymoon. But the lavish celebration hides a harsh reality. AFG is crumbling.
In 2007, the real estate market is tanking and so is AFG. Standefor has been running a scam and bilked hundreds of investors in three states. The Securities and Exchange Commission opens an investigation.
American Greed profiles an $18 million dollar ponzi scheme!
The Con Man