- Associated Press - Wednesday, November 29, 2017

NEWARK, N.J. (AP) - Federal prosecutors in New Jersey say a New York woman has admitted running an investment scheme that defrauded victims out of hundreds of thousands of dollars.

Alisa Adler pleaded guilty Tuesday to two counts of wire fraud. The 57-year-old now faces up to 20 years in prison, though a sentencing date hasn’t been scheduled.

Prosecutors say that from January 2009 through August 2014, Adler took loans and investments from multiple victims and told them their money would be used for specific investments through her company, ASG Real Estate Services Group.

Adler provided potential investors with promotional materials and other documents, telling them their money would be repaid within a certain time frame. But prosecutors say she instead used the majority money raised to repay prior investors and pay personal expenses.

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