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    SJ woman arrested for role in alleged Ponzi scheme

    Associated Press – Fri, Aug 3, 2012

    SAN JOSE, Calif. (AP) — A former San Jose real estate agent accused of bilking clients out of $1.2 million in a lavish Ponzi scheme is expected to appear soon in Santa Clara County courtroom.

    Prosecutors say 50-year-old Jill Marie Silvey is expected to enter a plea on Monday after being charged with 44 counts of felony fraud for allegedly scamming 13 people between 2005 and 201.

    Authorities say Silvey allegedly took money from victims under the pretense that she was lending it to homeowners in exchange for monthly interest payments, but the homeowners were unaware about any loans.

    Silvey allegedly used the money to keep the Ponzi scheme active but also bought expensive cars, clothing and high-end furniture to remodel her home.

    She is being held in jail on $3 million bail and faces more than 30 years in jail, if convicted.

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