Ashcraft of French Manor Properties accused of investment scheme - | WBTV Charlotte

Milford real estate agent accused of $15M investment fraud scheme

MILFORD, OH (FOX19) -

A former Milford real estate agent is accused of defrauding investors of at least $15 million in a scheme to purchase and sell real estate through real estate investment trusts, or REITs.

A federal grand jury indicted Brenda Ashcraft, 43, of Milford, on Thursday. 

The indictment alleges that Aschraft owned and operated French Manor Properties, which she told investors was acting as the REIT Trustee that would "secure residential and commercial real estate at wholesale pricing." 

Prosecutors say investors believed that their investments were secured by real estate, and Ashcraft promised them 40% annual returns on their investments.

Beginning in approximately 2009 through 2013, Ashcraft allegedly solicited individuals to invest funds with her and French Manor Properties to purchase and sell through these REITs.

Instead, Ashcraft allegedly diverted investor funds to her own personal use and benefit, including a $50,000 investor payment that she used to pay for Cincinnati Reds season tickets. 

Prosecutors say Ashcraft would at times send investors checks for returns on their investments but the checks often bounced.

She is charged with one count of wire fraud and securities fraud -- each punishable by up to 20 years in prison. She is also charged with one count of engaging in a monetary transaction in criminally derived property and aiding and abetting, punishable by up to 10 years in prison. 

Prosecutors say Ashcraft faces a maximum fine of $5 million on the securities fraud charge.  The wire fraud and monetary transaction charges each carry maximum fines of $250,000, or two times the loss.

She is scheduled to appear in U.S. District Court on Friday afternoon.

Copyright 2013 WXIX. All rights reserved.

  • Local NewsMore>>

  • Family: Please help us, lost phone has only photos of our baby who died

    Family: Please help us, lost phone has only photos of our baby who died

    Friday, March 24 2017 4:32 PM EDT2017-03-24 20:32:17 GMT

    But for a Charlotte mom, losing her cell phone means losing some of the last pictures she has of her little baby boy Ashton, who died in November.

    More >>

    But for a Charlotte mom, losing her cell phone means losing some of the last pictures she has of her little baby boy Ashton, who died in November.

    More >>
  • Domestic disturbance ends in shooting

    Domestic disturbance ends in shooting

    Sunday, March 26 2017 1:03 PM EDT2017-03-26 17:03:51 GMT
    A man was shot in northeast Charlotte Sunday morning in what family members say was the result of violent domestic disturbance. Police say the incident happened just before 8 a.m. in the 1900 block of Prospect Drive. The father of the woman who lives at the home told WBTV his daughter, her baby, and another man were at the home when an ex-boyfriend arrived and kicked the door in.  The father said the ex-boyfriend started beating the woman when the other man at the home sh...More >>
    A man was shot in northeast Charlotte Sunday morning in what family members say was the result of violent domestic disturbance. Police say the incident happened just before 8 a.m. in the 1900 block of Prospect Drive. The father of the woman who lives at the home told WBTV his daughter, her baby, and another man were at the home when an ex-boyfriend arrived and kicked the door in.  The father said the ex-boyfriend started beating the woman when the other man at the home sh...More >>
  • Father, son ID'd as victims in fatal I-77 crash

    Father, son ID'd as victims in fatal I-77 crash

    Sunday, March 26 2017 11:54 AM EDT2017-03-26 15:54:36 GMT

    The wreck happened on I-77 southbound at mile marker 68.

    More >>

    The wreck happened on I-77 southbound at mile marker 68.

    More >>
Powered by Frankly