Pinay Ponzi schemer Razel Canedo sentenced to jail in US

Ponzi schemer Razel Canedo was sentenced to 24 months in jail and 3 years supervised release thereafter. She was dubbed by her victims as the “Bernie Madoff of the Filipino Community.” Canedo pleaded guilty to 1 count of conspiracy to commit wire fraud.

Judge Loretta Preska ordered the restitution amounting to $949,200 to be given to the known victims of Canedo. Canedo admitted in court that she tried to set up and run a “nanny service and nursing agency business” to bring Filipino nurses from the Philippines to work in the US. She recruited professionals who in turned invested their hard earned money in her business that turned out to be scam.

Judge Preska told that “it’s one thing to steal people’s money, but it’s another thing to destroy people’s lives as a consequence of the criminal act.”

Pinay 'Ponzi schemer' sentenced to jail in US