Phoenix Power Rising admin arrested for securities fraud
Terri Ann Petty first popped up on BehindMLM’s radar last year, as admin of the Phoenix Power Rising cycler Ponzi.
Following complaints from her investors, authorities in Ventura County launched an investigation.
Petty was subsequently arrested for securities fraud on August 31st.
Phoenix Power Rising was a reboot of a collapsed 2012 scheme bearing the same name.
The original Phoenix Power Rising appears to be a continuation of “Project 4 Freedom 2010”, which collapsed in early 2011.
Through various Ponzi cyclers under different names, Petty had been scamming people since 2010.
Petty is alleged to have used “elaborate false claims” and “promises of spectacular returns” to get people to invest from 2010 until August of this year, prosecutors said.
Estimated losses of Phoenix Power Rising investors run into the hundreds of thousands of dollars.
Prosecutors allege Terry used this money, sourced from “200 to 300 investors”, to “pay for her living expenses”.
In addition to securities fraud, Petty was charged with grand theft and elder abuse.
According to a September 14th Acorn report, Petty initially plead not guilty to the charges.
Petty’s inmate record at the Ventura County Sheriff’s Office however cites her as since pleading guilty to all charges.
If convicted Petty was facing up to seven years in prison. It’s unclear whether her guilty plea will see her sentence reduced.
Petty’s next scheduled court appearance is on November 6th. Stay tuned…
Update 3th October 2023 – Terri Ann Petty was sentenced to two years in prison on November 7th, 2017.
LMAO….I love it when these habitual ponzi scammers have to face justice.
I believe this woman was closely connected to Vicki Gardner and here partner in crime, so maybe she will finally have to answer for her crimes!
Another one bites the dust.
Though whether they learn from it is another question for another time 😉
You can almost hear Charles Scoville shitting himself.
She only received 2 years after scamming hundreds of people out of hundreds of thousands of dollars and then laughed in their faces saying the movie line that you can’t handle the truth and this is why Ponzi schemes like this will continue because the gains are great and the punishment is light.
In the end instead of being made to pay full restitution she was only required to pay pay pennies on the dollar and is allowed to go on with her life.
She did more than rob people of their money she robbed people of their hope and in some cases their lives while waiting for their investment to payout.
She dragged the scheme out month after month over a multiple year period always asking for more and the max that she could have received after robbing hundreds of people is 7 years and then she only had to serve 2 years.
White collar crime should be treated like any other crime especially for serial offenders. Kepp up the great job of prosecuting these scumbags!!!