RICHMOND, Va., Jan. 6 (UPI) -- Former Investment Properties of America executive Lara Coleman admitted in federal court in Virginia Tuesday to her role in a $132 million fraud scheme.
Coleman, 40, of Houston, pleaded guilty in U.S. District Court in Richmond to conspiring to commit mail and wire fraud, and lying to federal investigators, the U.S. attorney's office said in a news release.
Coleman admitted taking part in a scheme to avoid capital gains taxes. About $132 million was obtained illegally, prosecutors alleged.
Coleman has agreed to a 10-year prison term and also faces a $500,000 fine when she is sentenced May 1. The federal government also seeks forfeiture of all funds and assets owned by Coleman related to the scheme.
In related cases, Robert D. Field II and Richard E. Simring have pleaded guilty to participating in the conspiracy to defraud 1031TG customers. Field was the chief financial officer and Simring was the chief legal officer of a holding company that was set up, in part, to oversee both Investment Properties of America and 1031TG. Both men are also scheduled to be sentenced May 1.
