Calif. PTA moms charged in Ponzi scheme

(CBS/KCBS/AP) LOS ANGELES- Three former elementary school PTA mothers were charged with nearly two dozen felonies in an alleged $14 million Ponzi scheme that lasted over 2 years, authorities said Wednesday.

Maricela Barajas, 41, Juliana Menefee, 50, and Eva Perez, 51, face 22 felony charges including grand theft and security fraud. Barajas and Menefee were arrested Tuesday while the third woman is already behind bars, serving a prison sentence on grand theft charges related to the same scheme.

Each faces a maximum sentence of 13 years in prison, reports the Los Angeles Times.

Police says the trio cheated their roughly 40 investors out of millions by lying about a deal to sell dairy products at Disneyland, reports CBS station KCBS.

Investigators say the women earned the trust of their alleged victims while they were members of the Armstrong Elementary School PTA, according to KCBS.

About $10 million was reportedly returned to investors, but authorities say millions more had already been spent on new cars, lavish hotels and casino gambling.