A former resident of the Virgin Islands was found guilty last week of setting up a Ponzi scheme that cheated some 50 investors out of more than $5.5 million, according to the United States Attorney’s Office for the USVI.
After a two-day trial that began on April 1, a federal jury found Janice Rey guilty of one count of conspiracy, eight counts of wire fraud, four counts of tax evasion, and 43 counts of money laundering.
US Marshalls arrested Ms. Rey, a native of Anguilla, on Feb. 8 in Florida. For several years, she allegedly worked out of an office in the Times Center Building on St. Thomas, where she encouraged residents to invest in a company she had set up, offering “risk-free” investment and “double return,” according to the department.
“Rey failed to pay victims their principal investment or any returns/proceeds from that investment as she had promised,” the release stated after her arrest. “Instead, Rey issued worthless cheques to some of her victims.”
See the April 11, 2013 edition for full coverage.
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