Woman sentenced in Ponzi scheme involving fraudulent bid bonds

09/25/2013 | Ledger (Lakeland, Fla.), The

A Florida woman who received more than $2.5 million in investments toward bid bonds for allegedly nonexistent construction projects has been given a seven-year prison sentence after pleading guilty to money laundering, court records show. Prosecutors said the woman employed a Ponzi scheme to obtain the money for her personal use. A judgment of $100,000 also was entered against her, and she has been ordered to pay restitution to victims in the case, according to court documents.

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Ledger (Lakeland, Fla.), The

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