Investment scheme goes bad

March 5, 2008 5:24:11 PM PST
A Wake County woman at the center of a Troubleshooter investigation faced a judge Wednesday.

Patricia Jacoby pleaded guilty to a felony charge of wire fraud. She admitted for the first time in court the intent to defraud her victims.

Court records show got victims here in the Triangle and throughout the United States to invest more than $2.5 million dollars in antiques.

This investment scheme gone bad involved the Raleigh antique shoppes called Posh! According to court documents, for more than a year, she 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% return within 30 days. Investigators say the scheme collapsed when large investors wanted their money back and there was no money to return.

Jacoby's guilty plea is part of a deal where she also agrees to pay restitution to the more than 80 victims. Victims who court documents show lost as little as a few hundred dollars all the way up to $376,000.

Jacoby's out on bond, but due back in court in June for sentencing. She's no stranger to this type of crime as she's been convicted of similar schemes twice before.