Man behind aviation Ponzi scheme sentenced to 11 years in prison, must pay $7.4 million in restitution
A Boerne man who targeted retired San Antonio police officers, other first responders and their families in a massive Ponzi scheme was sentenced in federal court this week to more than 11 years in prison.
Orchestrator of aviation engine Ponzi scheme pleads guilty to wire fraud
SAN ANTONIO – The mastermind behind a Ponzi scheme that defrauded victims out of millions of dollars they believed were being invested in aviation engines pleaded guilty Wednesday to wire fraud in federal court in San Antonio, according to records from the case. ‘I feel cheated, angry’: Woman invested nearly $400K in aviation engine venture, lost nearly all of itFederal regulators, however, could find no record that a single aircraft engine had been purchased by the company since 2015, according to the SEC lawsuit. Regulators said Farias used nearly half of the $14 million raised to pay investors Ponzi-like returns. Farias was charged with wire fraud last year, and the criminal paperwork was unsealed in mid-December, according to federal court records. She was one of 50 investors who later filed suit against Farias in Bexar County, court records show.
I feel cheated, angry: Woman invested nearly $400K in aviation engine venture, lost nearly all of it
SEC regulators detailed their case against Farias in a lawsuit filed late last month in San Antonio federal court. (KSAT)A lawsuit filed in Bexar County district court last week is attempting to recoup those funds, which would then be turned over to some of Farias victims. A second lawsuit filed against Farias in Bexar County district court is pending, according to an attorney representing those investors. Federal records show Farias was served a summons and the civil complaint August 5, while Integrity Aviation was served a day later. A spokeswoman for the San Antonio office of the FBI said via email this month she could neither confirm nor deny whether an investigation was taking place.