theftlossdeduction.com

12/07/09 - Rita Gosselin of Grosse Ile, MI was arrested in an alleged $500,000 real estate investment Ponzi scheme. Twenty investors lost their money in the scam.

Michigan Attorney General Mike Cox said Gosselin was charged with racketeering, multiple counts of obtaining money under false pretenses and stealing "hundreds of thousands of dollars" from Michigan families.

Cox said Gosselin orchestrated the scheme between April 2007 and September 2008 in metro Detroit. She allegedly told investors she could purchase foreclosed and distressed properties in bulk and then renovate them to sell at a profit.

Cox said Gosselin provided investors with promissory notes as security for the alleged investments. She promised monthly payments on the notes.

"Taking advantage of Michigan families, especially in today's economy will not be tolerated," Cox said.

Gosselin was arraigned in the 33rd district Court in Woodhaven, MI. Judge Michael McNally scheduled a preliminary hearing Dec. 15 and released Gosselin on a $300,000 cash bail bond.

realestatechannel.com

12/06/09 - Rita Gosselin, a 58-year-old Grosse Ile resident, has been charged with felony racketeering after police say she orchestrated a real-estate Ponzi scheme in metro Detroit.

According to a statement from Attorney General Mike Cox, Gosselin was arrested at her home on Thursday morning by investigators from the attorney general's office and Southgate police. She is accused of promising payments to investors who believed she was going to buy foreclosed properties in bulk and rehabilitate them for profit.

It's believed the alleged scheme, which took place between April 2007 and September 2008, may have involved as many as 20 investors who lost about $500,000.

A lawyer for Gosselin told The News-Herald that Gosselin didn't defraud her investors because the profits she hoped to generate just didn't pan out when the real-estate market began to tumble.

“There is no proof she did anything wrong,” Blaise Repasky told the News-Herald. “There has to be intent. There is no intent to try to defraud or take money without intending to pay it back.”

Gosselin is charged with one felony count of continuing criminal enterprise, and three felony counts of obtaining money under false pretenses over $20,000. She is expected to appear in court for a preliminary examination on December 15.

mlive.com