Idaho Falls/St. Anthony Woman Indicted For Investment Fraud Scheme
BOISE – Lois Davis, 59, of Idaho Falls, and formerly of St. Anthony, Idaho was indicted yesterday by the federal grand jury for six counts of wire fraud, three counts of money laundering, and forfeiture of proceeds of the crimes, U.S. Attorney Wendy J. Olson announced.
The indictment charges Davis with devising a scheme to defraud and fraudulently representing to investors that they could invest money with Davis in order to be entitled to a portion of commissions that Davis claimed she would receive on significant financial transactions. Davis accepted investors’ money under this false pretense, and then spent investors’ money on her personal expenditures, such as horses and trucks. The indictment alleges that none of the investors received their promised return on investment and that Davis accepted approximately $2.1 million dollars in investor funds, refunded to investors approximately $330,000, and kept approximately $1.8 million in fraudulently-obtained investor funds.
Wire fraud is punishable by up to 20 years in prison, a $250,000 fine, and three years of supervised release. Money Laundering is punishable by up to ten years in prison, a $250,000 fine, and three years of supervised release.
The case was investigated by the Federal Bureau of Investigation.
An indictment is a means of charging a person with criminal activity. It is not evidence. The person is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.