BULLETIN: Jenifer Devine, New Jersey Woman At Helm Of ‘Wholesale Fraud,’ Sentenced To 37 Months For Ponzi Scheme

Jenifer Devine, the New Jersey woman accused of presiding over a Ponzi scheme involving a purported wholesale clothing and electronics business, has been sentenced to 37 months in federal prison, federal prosecutors said.

Devine, 40, of Fair Lawn, was arrested in November 2010, amid allegations she lured investors with outsize returns of up to 25 percent every 30 or 60 days.

U.S. Attorney Paul Fishman said at the time that Devine’s purported wholesale business was nothing more than a “wholesale fraud,” and investigators cautioned investors to be more discriminating.

Investors lost more than $2 million in the scheme, which gathered $8 million, prosecutors said.

Devine pleaded guilty to wire fraud in September 2011, after in investigation by the FBI.

NorthJersey.com is reporting that Devine was remanded into custody immediately after sentencing court today.

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One Response to “BULLETIN: Jenifer Devine, New Jersey Woman At Helm Of ‘Wholesale Fraud,’ Sentenced To 37 Months For Ponzi Scheme”

  1. Anyone who is subconsciously thinking Ms Devine escaped lightly with only a 37 month sentence, should be aware of the last line of the NorthJersey.com article:

    “Cecchi ordered Devine to pay restitution of $2,003,500 to 10 victims”

      (Quote)

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