Woodstock man gets 11 years for Ponzi real estate scheme
ROCKFORD – A Woodstock man was sentenced Monday to more than 11 years in federal prison for his role in a Ponzi scheme that bilked investors out of at least $7 million.
Francis X. Sanchez, 52, co-owned InvestForClosures and told investors he bought distressed houses, rehabilitated them, and sold them for a profit. He pleaded guilty to fraud in May.
Sanchez admitted in his plea agreement that he and business partner James D. Bourassa told potential investors their money would be
safe because it was backed by real estate.
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