Jenny Coplan, Fla. woman, accused of running $4 million Ponzi scheme, report says

(CBS) FT. LAURDERDALE, Fla. - A 54-year-old woman from Lauderhill, Fla., has been accused of running a multi-million dollar Ponzi scheme after telling investors her company dealt with federal bail and immigration bonds, according to CBS Miami.

Jenny Coplan has reportedly been indicted on three counts of wire fraud after promising investors interest rates of over 60 percent a year on their investments with her company, Immigration General Services LLC.

Coplan also told clients that their investments had little risk and were insured by the Federal Deposit Insurance Company. She claimed to have experience and licenses to invest in the bonds, reports the station.

Coplan allegedly gave investors fake financial statements and fraudulent e-mails from the bond corporation in which the clients were told they were investing.

According to the South Florida Business Journal, Coplan raised about $4 million from 90 people and used $878,000 of that money for her personal use. Investors were from Florida, California, Georgia, Texas, Canada and Colombia.

Coplan would allegedly used the money new investors gave her to pay older investors instead of buying bonds as she promised her clients.

The regional Director of the Securities and Exchange Commission in Miami, Eric I. Bustillo, reportedly said Coplan's "predatory scheme exploited trust and friendship of members of her own community."

CBS Miami reports if Coplan is convicted, she could face up to 20 years in prison for each count.