Orlando Woman Sentenced To Seven Years In Prison For Operating Multi-Million Dollar Fraud Scheme
Orlando, FL - Senior U.S. District Judge Gregory Presnell today sentenced Tina Mangiardi (50, Orlando) to seven years in federal prison for money laundering. The court also ordered Mangiardi to pay restitution to the victims. A restitution hearing will be scheduled for a later date. As part of her sentence, the court also entered a money judgment in the amount of $100,000, the proceeds of the prohibited monetary transaction. Mangiardi pleaded guilty on May 7, 2013.
According to court documents, between 2009 and 2012, Mangiardi, under the corporate name of TLM Design and Construction, Inc. (TLM), engaged in a scheme wherein she fraudulently obtained more than $2.5 million from investors. During the scheme, Mangiardi convinced victims to invest large sums of money in a construction “bid bond” investment. In return, and as inducements to invest, Mangiardi promised the return of the investors’ initial investment, as well as bonus money and additional monetary payments at rates as high as 100%. However, Mangiardi was not awarded bid bond contracts with the investment funds because the construction projects that she allegedly bid on, never existed. Instead, Mangiardi diverted the money for her own use.
This case was investigated by the United States Secret Service with the assistance of the Orlando Police Department Economic Crimes Unit. It was prosecuted by Assistant United States Attorney David Haas.