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« Hearing in ex-councilman's sex-assault case delayed | Today | Bunnell trial: Woman accused in toddler's death sobs » May 8, 2008Update: Newport broker accused of embezzling $7.3MA Newport woman duped investors out of $7.3 million, using some of the money to buy a 65-foot yacht, rent a house in St. Barths and travel to Europe and the Caribbean, according to the Rhode Island State Police. Elizabeth C. Baldwin, 62, of 1 Commercial Wharf, Apartment B26, was arrested Monday after a seven-month investigation. She faces several charges of embezzlement, obtaining money under false pretenses, and fraudulent use of a computer, according to the state police. The state police say Baldwin, acting as an investment broker, used an "elaborate scheme" to dupe 47 investors out of their money. Investigators say she paid off early investors with money from investors she later deceived. In addition to using the money to cover losses, Baldwin used money for personal expenses, including the purchase of Van Ki Pass, a 65-foot wooden yacht. The state police began investigating after receiving a complaint in September of last year from a group of investors from Virginia Beach, Va. According to the state plice, the group gave Baldwin $1,956,650 to invest in futures and commodities. She provided the investors with monthly statements "indicating substantial returns" on their investment, according to the state police. But the investors contacted the state police after Baldwin neglected to provide a withdrawal from the account, the state police said. See the full police affidavit, including descriptions of complaints by investors, here. After her arrest, Baldwin was arraigned in 2nd Division District Court, Newport, and bail was set at $100,000 with surety bail. She was ordered to surrender her passport and forbidden from providing financial advice. She is set to appear in court for a screening next month. Assisting the State Police Financial Crimes Unit in the investigation was the Commodities Futures Trading Commission, the Rhode Island Department of Business Regulation and the Newport Police Department. Baldwin also faces a complaint by the U.S. Commodity Futures Trading Commission, which alleges that between 2004 and Nov. 2007, she fraudulently obtained more than $500,000 doing business under the name Newportant Group. Posted by Brandie Jefferson CommentsMarcus | May 8, 2008 7:28 PM link If it sounds to good to be true---- well? john robertson | May 9, 2008 6:53 AM link Why is projo providng the banking account numbers of these folks that have been ripped off by this lady in the extennted section to which I am writing in on. Who that not add to their problems? johnn g | May 9, 2008 7:19 AM link Typically complete account numbers are not provided or contained in documents that are public record. The individual(s) providing the complaint to ProJo should have redacted the account numbers and ProJo should have reviewed same before making the complaint available. T | May 9, 2008 9:46 AM link We know what you're all thinking: In what way does her scheme compare to the stock market? Pension plans? Social security system? Banking system? Credit unions? It is part of the human psyche to want something for nothing, to sow where we did not reap. Greed is eternal and omnipresent. We base our Trust on people's outsides instead of their insides, and it takes money to make money. For a good look at similar scams in 19th century Britain, watch the BBC series "The Way We Live Now." Same stuff, different day. The Way We Live Now | May 9, 2008 12:03 PM link Someone Like this has to have a mental illness that has not been diagnosed. Besides the wrongdoings in this case, one has to feel for the family who are innocent in this as well as those who was ripped off by her actions. Though she must face the consequences of her actions, those who do not control her decisions should not be made to suffer needlessly by harsh punishments that only serve to hurt all involved instead of the one who committed the crime in question. This is a grevious wrong that should be punished, but locking away a person without compassion just shows that this nation is falling into a world of severed emotions and apathy. Pray and think of the human aspect of this situation before you judge. "let he who casts the first stone be without sin." No one is truly is clean. Alexis Turner | May 20, 2008 10:18 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
Why in the name of God would you give a stranger so much money ???? People use more caution buying a new car. BTW, they should lock her in prison and throw away the key. I wonder how much money she blew in the casino ??? Another cancer that sucks money from people( SUCKERS)...