ARIZONA NEWS
Arizona real estate investor convicted of wire fraud, money laundering
PHOENIX — An Arizona real estate investor was found guilty last week of defrauding family friends of over $835,000, authorities said.
Sarah Nicole Kelley, 40, of Coolidge was convicted on 24 counts of wire fraud and eight counts of money laundering, according to a press release.
Kelley convinced one friend to invest $185,000 in a real estate project and also asked for a short-term loan, according to the release.
Kelley instead used the money to pay off her own debts and offered excuses over several months about how the funds were spent and when they would be returned.
Other evidence showed Kelley defrauded another family friend of about $650,000 several years ago using similar tactics, the release said.
The Internal Revenue Service conducted the investigation.
A wire fraud conviction carries a maximum penalty of 20 years on prison and $250,000 fine. A conviction for money laundering has a maximum penalty of 10 years imprisonment and $250,000 fine.
Sentencing for Kelley is set for Feb. 3.
