Antique investment scheme

January 31, 2008 7:03:46 AM PST
An update on a Troubleshooter investigation. It involves an antique scheme that cost triangle residents tens of thousands of dollars. The woman who owned this antique store is now expected to plead guilty to this fraud scheme.

According to court documents, it's alleged the owner of POSH, Patricia Jacoby told investors she purchased estate lots of antiques and promised a 22 percent return on the investment within 30 days. In a 16 month period, court documents say Jacoby collected more than $3 million dollars from investors.

Lorraine Buccellato is one of those investors who lost $20,000 to the antique scheme. To this day, she hasn't seen a penny. She tells Troubleshooter Diane Wilson, "It's changed my life considerably. If you're going to have $20,00 dollars of my money, well then I'm gonna do whatever I can to get it back. Whatever means I have to go by, I will try. I'm not just giving up."

When we began this investigation, we confronted Jacoby about the scheme. Troubleshooter Diane Wilson asked Jacoby, "Can you tell me about your shoppe and how you got thousands of dollars from people?" Jacoby responded by saying, "No I certainly can not." Troubleshooter Diane Wilson asked "You can't tell me what you did with all that money?" Jacoby said no and referred us to the FBI.

According to court records, Jacoby plans to plead guilty in federal court in March. Jacoby is no stranger to authorities she's been convicted on similar schemes before.