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.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.