MANHATTAN (CN) – A New Jersey woman was arrested today and charged with running a $45 million real estate Ponzi scam, federal prosecutors said. Antoinette “Dina” Hodgson, 58, of Montclair, allegedly skimmed “tens of millions of dollars” from investors, spent “hundreds of thousands” of it in casinos in Atlantic City and Las Vegas, threw $700,000 into a Dunkin Donuts franchise, and gave “tens of thousands” to friends and family.
Hodgson allegedly told more than 20 investors, mostly in New York and New Jersey, that she would use their money to buy, renovate, and resell residential properties. She promised high rates of return, but used new money to pay off old investors, according to the indictment.
She is charged with conspiracy and wire fraud.