CENTRAL ISLIP, N.Y. (AP) - A suburban New York woman faces up to 20 years in prison after admitting she ran a $6.9 million Ponzi scheme.
Laurie Schneider pleaded guilty Friday in U.S. District Court in Central Islip to wire fraud.
Federal prosecutors say the Oceanside, N.Y., woman used two shell corporations to operate a $6.9 million Ponzi scheme and steal money from unsuspecting investors.
They say she promised huge profits from overseas machinery and equipment deals in one scheme.
She also ran a scam involving Long Island real estate investments.
Schneider paid returns to early investors from money she obtained from subsequent investors.
Prosecutors also say she used some of the money to make car payments on luxury automobiles and country club dues.
She also was ordered to pay a $1 million civil judgment.
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