Antionette Hodgson Sentenced to 6 years in Prison for Ponzi Scheme! Wait, but something doesn’t make sense…what about Vaughn Reeves?

ANTOINETTE HODGSON was recently sentenced 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 U.S. District Judge ROBERT W. SWEET.

STOP…BUT I’M CONFUSED…

I just reported on that a judge sentenced a southern Indiana church financier, former pastor Vaughn Reeves to 54 years in prison Tuesday for pocketing millions of dollars that investors believed would be used to build churches.  Special Judge Dena Martin sentenced Reeves to consecutive six-year terms for each of the nine fraud counts, which alleged that he victimized about 2,900 investors who lost a total of $13.1 million.

Manhattan U.S. 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. The substantial sentence imposed on her sends yet another message that such conduct will be punished severely.”

REALLY…SUBSTANTIAL SENTENCE?

HODGSON steals $50 million and gets 6 years while REEVES defrauds folks out of $13 million and gets 54 years.  What gives here.  Either REEVES got screwed or the judge in the HODGSON case lacks the balls to hand out a “substantial sentence.”  Which do you think it is?

According to the FBI News Release:

HODGSON solicited tens of millions of dollars from investors in New York and New Jersey on the false pretense that she would use the investors’ money to purchase and/or renovate residential real estate properties, and then re-sell the properties to third party buyers or rent them for a period of time before re-selling them. HODGSON promised investors high rates of return on their investments, which she represented was based on the profits generated by her successful real estate business.

In fact, however, HODGSON, misappropriated tens of millions of dollars of investors’ funds, and used those funds to repay other investors or for her own purposes. Between 2006 and 2009, HODGSON solicited approximately $50 million from investors who understood, based on HODGSON’s representations, that they were investing in her real estate business. During the same period, HODGSON only spent approximately $6 million on residential real estate, and made less than approximately $700,000 profit on sales of her properties. Most of the $50 million she received from investors was immediately used to repay other investors, in the pattern of a classic Ponzi scheme.

HODGSON used some of the investor money to enrich herself and her family members. HODGSON spent hundreds of thousands of dollars at casinos in Atlantic City and Las Vegas, invested over $700,000 in a Dunkin Donuts franchise in Arizona, and gave tens of thousands of dollars to friends and family members.

In addition to the prison term, Judge SWEET imposed an order of forfeiture in the amount of $45,000,000, and is expected to impose an order of restitution exceeding $17 million once victim losses have been fully accounted for.

While HODGSON’S crime is quite large, do you think HODGSON’S sentence is “SUBSTANTIAL”?

YOUR COMMENTS ARE WELCOME!

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3 Responses to Antionette Hodgson Sentenced to 6 years in Prison for Ponzi Scheme! Wait, but something doesn’t make sense…what about Vaughn Reeves?

  1. C Woods says:

    This is an interesting question. There are numerous possibilities concerning the sentences. The laws in NY and IN may differ regarding appropriate sentences. Or, it is possible that the number of counts against Reeves was greater. There were nine counts of fraud against Reeves, whereas we don’t know the number of counts against Hodgson from your post (or did I miss it?) Perhaps one defendant seemed more sympathetic than the other. Another possibility —and the one that I suspect may have been detrimental to Reeves’ case —is that because Reeves is a minister, he was judged more harshly as one who “ought to know better.”

    Yet, time and time again, we have seen that religion has almost nothing to do with moral or ethical behavior. Need I mention Bakker, Swaggart, Haggard, Muslim terrorists, pedophile priests, and Pat Robertson who suggested blowing up the Capitol building and assassinating the president of Venezuela?

    The most unethical people I have encountered personally, were born-again Christians. I was hired to run their office, but each tiny bit of information that indicated unethical behavior, added with a previous one, finally convinced me I couldn’t work for those people. They cheated on their taxes, gouged their customers, didn’t pay their bills, lied about their experience on their personal and company resumés, to name just a few of their unscrupulous business practices. I resigned after a few months, because those particular Christians weren’t ethical enough for me, a lifelong atheist.

    I’m not saying all Christians are like them. In fact most people, religious or not, are moral, ethical people. And among the unethical, there are religious and non-religious people, too. I’m simply saying that religion is no guarantee of moral or ethical behavior.

    If Reeves was judged more harshly because of his being a minister, then the sentence was unfair. Or perhaps his sentence was fair but Hodgson received a lighter sentence for being a woman, which again would be unfair.

    Without knowing the details of the two cases, we can only speculate.

    Personally, I would like to see both of these people receive sentences of 5-10 years, then be required to spend the rest of their lives living at the poverty level while the balance of their wages are garnered to make monetary restitution to their victims. Reeves can’t very well make restitution while in jail for 54 years.

  2. Mark Davis says:

    I believe that Dina definitely got a very light sentence. I’m one of many victims that I personally know that she cleaned out of their family savings and caused divorce of one of my dearest friends who went against the advice of his wife and invested with her in
    “Phantom” real estate investment.

    She causes my wife and I many sleepless nights because she had control of our live’s savings and it took us 5 painful years to get most of it back. She made me think of hiring a hit man to scare her and I got so depressed for years and she had no sense of guilt whatsoever; the funny thing is that she thinks she is a very good and religious person.

    I know her personally and i have seen how bipolar she is. She gets under your skin by pretending to be nice only to stab you in the back. The truth is that she is a ruthless lesbian bitch who is self-centered and will kill anyone who crosses her.
    It would not surprise me if she killed her husband. She is the “Black Widow”.

    She pretends that she is religious and an animal lover but she us the most pregedous person I have ever met; she hates blacks and refer to them as monkeys or niggers; she hates Muslims, Indians and Spanish people.
    6 years is definitely not enough punishment for destroying so many families and I hope this lesbian bitch rots in hell.

  3. Rick rubin says:

    I was a neighbor of antoinette hodson, she went from renting to all of a sudden owning two houses on our block. I told my wife this bitch must be dealing coke or sued someone, i knew she was up to no good

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