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PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ANTOINETTE HODGSON was sentenced yesterday in Manhattan federal court to six years in prison for running a $50 million real estate Ponzi scheme that fraudulently solicited investments from over 20 New York and New Jersey investors.
HODGSON operated the scam between 2006 and her arrest in early 2010, tricking investors into providing money to her for purported investments in real estate when, in fact, HODGSON was simply using the money to pay off other investors in the scheme and to enrich herself and her family members. HODGSON previously pled guilty on September 14, 2010, to one count of conspiracy to commit wire fraud and one count of wire fraud. The sentence was imposed by United States District Judge ROBERT W SWEET.
Manhattan United States Attorney PREET BHARARA said: “Through her massive Ponzi scheme built on the false promise of large returns, Antoinette Hodgson destroyed the financial security of dozens of people, all so that she could live a comfortable life and indulge a penchant for gambling, using other people’s money.”
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