Barbara Alexander, Michael Swanson, Beth Pina Convicted for Ponzi Scheme
Barbara Alexander, her partner Michael Swanson, and their associate, Beth Pina, were convicted of mail fraud, securities fraud, money laundering and conspiracy, for defrauding investors into investing in “Money Dots.”
Alexander faces federal imprisonment after a jury convicted her of 28 counts of felony involving a $4 million Ponzi scheme, according to court documents.
Alexander, together with her partner, Michael Swanson, operated APS Funding, a Monterey business that deceived around 45 investors, including retirees, to invest their life savings in supposed “hard-money” short term loans with high interest for real estate development. Investors were told they would receive 12 percent interest on their investment, according to court documents.
In 2009 investors started to complain to the Monterey County District Attorney’s office that they never got back any money from their investments.
Swanson was separately tried and convicted in September 2012. Pina pleaded guilty of committing mail and wire fraud in December 2012. Sentencing for Pina and Swanson has been delayed until Alexander’s trial.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.