Developer Gets 5 Years| for $27M Ponzi Scam

(CN) - A Manhattan real estate developer was sentenced to 5 years in prison and ordered to cough up the $27.2 million she stole in a Ponzi scam, federal prosecutors said. Ivy Woolf-Turk, working through The Kingsland Group, conned more than 100 people out of the money she promised to use to renovate and rent out apartments.

Woolf-Turk, 53, of Port Washington, N.Y., worked with Michael Hershkowitz, of New York City, who pleaded guilty in March. He will be sentenced on Dec. 21.

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