Posted on: 11:54 am, April 29, 2013, by Stacy Lange
WILKES-BARRE — A former investment broker who admitted to swindling more than a half million dollars from his clients learned his fate Monday.
Stories of AA members getting financially scammed by fellow members is nothing new. It is on the list of the many 12 step predatory behaviors that have been documented.
If you go to AA/NA/CA meetings, please be wary of people asking to borrow money or encourage you to invest in their financial schemes. Don’t do it! You are not an ATM machine. Addicts by nature are very manipulative and deceitful. Protect yourself financially and physically. No need to let your guard down for sponsors either!
Fair Lawn resident receives sentence in Ponzi scheme
Jenifer Devine, 39, of Fair Lawn – the owner and operator of Devine Wholesale in Carlstadt – admitted to wire fraud charges in U.S. District Court on Sept. 15 in connection to her $8 million Ponzi scheme. She was ordered by U.S. District Court Judge Claire C. Cecchi on Jan. 11 to pay more than $2 million in restitution to her 10 victims, some of whom she meet through Alcoholics Anonymous.
Cecchi rejected pleas that Devine be allowed to say goodbye to her two children and immediately remanded her into custody. Devine, who has a history of alcoholism and bipolar disorder, was hospitalized last week for suicidal thoughts, authorities said.
Cecchi said Devine would be sent to a facility where she can receive appropriate care.
Devine raised more than $8 million from investors between December 2008 and September 2010 by promising high returns – approximately 25 percent – to investors in New Jersey and throughout the United States within 30 to 60 days. Devine convinced investors that she was in the business of buying and selling wholesale clothing and electronics for profit, but actually did virtually no legitimate business, authorities said.
http://www.northjersey.com/news/137648503_
Borough_resident_receives_sentence_in_Ponzi_scheme_.html
Richard Mayfield 72,pleads guilty in AA Fraud Scheme.This was in Larimer County Colorado. Within AA/NA members are also vulnerable to financial scams by trusted members,some who have been a AA/NA member for decades!