A Utah woman on Thursday was sentenced to up to five years in prison for investment fraud and was ordered to pay nearly $2 million in restitution to the victims.
Loneta A. Carter, Cedar City, pleaded guilty in June to 14 counts of wire fraud and admitted to devising a Ponzi-like scheme to defraud investors. According to a statement from the Utah Division of Securities, Carter established and operated Nevis Investors Ltd., through which she made "misrepresentations and false promises" to induce prospective investors to transfer funds to bank accounts she established in Cedar City and Las Vegas.
Carter received funds from the United States, Canada and Belize. She was ordered to pay $1,529,755 in restitution.