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Real Estate Scam That Broke Investors
Description
A married couple, Janalie Bingham and Jean Joseph, got slammed with prison time for running a $56 million real estate scam that turned out to be a Ponzi scheme—using investor money to pay earlier backers and funding personal expenses. Joseph got 20 years, Bingham four, both pleading guilty to fraud. Their firm inflated property values and sold unregistered promissory notes, with one radio host allegedly pushing the scam on air and social media. Joseph pocketed nearly half a million in commissions despite promising none. Investors lost retirement savings, and the fallout keeps expanding—with a new civil suit targeting a key player in the scheme.
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