SAN DIEGO (CN) – A 67-year-old woman was sentenced to more than 4 years in prison for defrauding 68 investors of nearly $2 million. Clementine Estrada stole the money through her so-called “high yield investment programs,” Crystal Rose and Sterling Rose Capitalization, based in Escondido.
U.S. District Judge Barry Moskowitz also ordered her to pay $1.8 million in restitution.
Estrada promised investors up to 90% monthly returns on their investments, which she guaranteed. She was sentenced to 50 months in prison for conspiracy to commit wire fraud and wire fraud. Judge Moskowitz will hold a final hearing on restitution on Dec. 23.