A couple accused of a $50 million Federal Reserve investment scheme have admitted to conspiracy charges in Manhattan federal court. The scheme involved false claims that an urban revitalization project was backed by the New York Federal Reserve Bank.
The couple, Michael Jacobs and Ruby Handler-Jacobs, pled guilty to conspiring to impersonate officers of the federal government while pitching a fraudulent investment partnership program called the “Cities Upliftment Program.”
Jacobs and Handler-Jacobs assisted Reinzi Edwards, the scheme’s alleged ringleader, in executing the scheme. Several brokers, including two who also have been charged in the case, marketed the program to investors as overseen by the New York Federal Reserve and backed by the U.S. government.
When the parties involved, including Jacobs and Handler-Jacobs, found willing investors, they stole the money by laundering it through foreign bank accounts in Hong Kong, Barbados, the United Kingdom, and Sri Lanka.
Jacobs and Handler-Jacobs face sentencing in May and each face a maximum of 5 years in prison. They are the only defendants to so far admit guilt.
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