Woman sentenced in Posh! money scheme

August 18, 2008 7:59:40 AM PDT
The woman behind an investment scheme gone bad is off to jail. Patricia Jacoby was sentenced to 115 months behind bars for defrauding more than $2 million dollars from would be investors, many of those investors are right here in the Triangle.

Wednesday, in federal court, Patricia Jacoby said she was sorry for the pain she caused and wishes to never be in this position again. This all started back in 2006.

Jacoby, who owned the Raleigh antique shoppes called Posh! told investors she was buying estate lots of antiques and pre-identified out of state buyers.

Whatever amount investors put in, Jacoby promised a 22 percent return within 30 days. Investigators say the scheme collapsed when large investors wanted their money back and there was no money to return. One-hundred eighteen people invested in this scheme, 88 of those people are still owed all together more than $1.5 million dollars.

Lorraine Buccellato is one of those investors. She invested more than $20,000 in the scheme and hasn't seen a penny of it. She was in court Wednesday and addressed Jacoby.

She told Jacoby she was deceitful and an incredibly selfish woman. While Lorraine says she's happy Jacoby is going to prison, she wishes she would have gotten the maximum sentence of 20 years.

She tells Troubleshooter Diane Wilson, "I'm just glad Jacoby is off the streets. I honestly feel she needed to be away from society."

Besides being sentenced to more than 9 years behind bars, a judge ordered Jacoby to pay restitution to the victims. Lorraine adds, "It may take years before I see anything because she owes a lot of people money. It's not even about the money so much, it's about seeing the fact that the time has come for this to come to and end. I learned a very valuable lesson for $20,000."

In court, Jacoby was emotional and did apologize for the pain she caused. Jacoby is no stranger to this type of crime. She's been convicted of similar schemes twice before.


Load Comments