Woman receives 8 yrs 8 months for Ponzi scheme

An investigation conducted by the Federal Bureau of Investigation, the Criminal Investigation Division of the Internal Revenue Service and the United States Secret Service has resulted in the conviction of Dawn Quiroga.

Assistant United States Attorney Jeb Boatman successfully prosecuted the case against Ms. Quiroga in which Ms. Quiroga admitted that she did not file income tax returns for the 2007 tax year in which she obtain a gross income of over two million five hundred thousand dollars. She also admitted to laundering money.

Dawn Quiroga, age 40, who is originally from Edmond, Oklahoma and not resides in Oklahoma City, Oklahoma, was convicted of petitioning investors for funds in a business that would provide a return on down payment assistance programs. Ms. Quiroga called the business Buyers Solutions Marketing, LLC. The program was to provide short term, high interest rate loans to homebuyers to use as down payments on the purchase of the homebuyers purchase mortgage loan. The investors would fund the down payments for the homebuyers to purchase the property involved and the investors would receive a return on their investment once the mortgage loan was closed.

Buyers Solutions Marketing, LLC was not performing and it was clear that the business was going under. Ms. Quiroga knowingly continued to petition investors into Buyers Solutions Marketing, LLC even though the company was failing. The funds she obtained from new investors went to make payments to previous investors in the business for approximately two years. Ms. Quiroga also used funds coming into Buyers Solutions Marketing, LLC to purchase personal expenses and maintain her life style. She purchased new cars, property and large items for her home using investor’s funds.

According to United States Attorney for the Western District of Oklahoma, Sanford Coats, Dawn Quiroga has been sentenced to ninety seven months or eight years, eight months in federal prison on the charge of money laundering and failure to file tax returns. She has also been ordered to pay restitution of over four million dollars and to service three years of supervised release once her initial sentence has been served.