Former CPA Accused Of Running $29 Million "Pure" Ponzi Scheme

A California woman faces civil and criminal charges over allegations that she ran a $29 million Ponzi scheme that promised 8% annual returns by investing in “federally guaranteed” securities. Carol Ann Pedersen, 65, was the subject of charges filed by the Securities and Exchange Commission and the U.S. Attorney’s Office for the Central District of California. Pedersen consented to entry of a final judgment in the Commission’s action and also pleaded guilty to a single wire fraud charge in the criminal case. Pedersen could face up to twenty years in prison on the wire fraud charge, although she will likely receive a lower sentence under non-binding federal sentencing guidelines.According to the Commission, Pedersen received her CPA license in California in 1977 and provided accounting services to numerous California individuals and families. Beginning in 1991, Pedersen also began soliciting those same clients to offer money management and investment…

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