Tuesday, February 25, 2014

CA Radio: Financial Talker Convicted Of Fraud

Barbra Alexander
Former Monterey radio host Barbra Alexander faces federal prison time after a jury convicted her of 28 felony counts involving a $4 million Ponzi scheme that collapsed in 2010, according to The Herald News.

After a two-week trial and more than four days of deliberations in San Jose district court, the verdict clears the way for a civil trial by the U.S. Securities and Exchange Commission, which is seeking restitution for Alexander's victims who believed they were investing in secured real estate.

Alexander, 66, is the former producer of the internationally syndicated "Money Dots" financial talk show, aired locally on KION 1460 AM. She and partner Michael Swanson, 65, also operated the Monterey-based APS Funding, which told about 45 investors their savings would be used to offer "hard-money" short-term, high-interest loans for real estate development. They were assured 12 percent interest.

In reality, Alexander, Swanson and associate Beth Pina siphoned most of the funds for their own uses, including investments into Money Dots. Among her other diversions, Alexander spent $200,000 on a kitchen remodel for her Monterey rental home, then celebrated its completion by inviting her unsuspecting clients for a party.

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