A New Jersey woman has been sentenced to three years and four months in federal prison for running a Ponzi scheme that took more than $2 million from her victims.
According to court documents, Michele Gorman operated the Cherry Hill-based Trilutions Real Estate Group and promised her victims large returns on real estate investments.
Gorman told investors she would buy and renovate properties in south Jesery or Philadelphia, PA.
A few investors testified that Gorman promised an average rate of return of 10 to 12 percent when the property sold.
Judge Robert Kugler ordered that Gorman be banned for three years from practicing real estate following her release.
A hearing for Dec. 21 will determine the restitution amount she is expected to pay.