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Faux Federal Reserve Scammers Cop To Fraud Conspiracy

Law360, New York (April 13, 2018, 9:34 PM EDT) -- Two people charged with recruiting investors in a supposed economic development scheme that they claimed was backed by the New York Federal Reserve pled guilty to conspiracy to commit wire fraud in Manhattan federal court Friday and face up to three and a half years in prison.

Rachel Gendreau, 47, and Lawrence Lester, 73, were accused of seeking investors for a phony “Cities Upliftment Program” that prosecutors say resulted in investors around the world losing $50 million. They are the third and fourth of six defendants...
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