Riverside County sheriff's deputies investigated allegations that Consuelo Carrasco-Ramirez, 53, coerced at least seven victims into investing a total of $195,000 in her wholesale avocado business beginning in 2023. Victims reported threats to have Latino community members deported to pressure additional investments. Deputies allege Carrasco-Ramirez operated a Ponzi scheme, using later investors' funds to pay earlier investors and diverting money for personal benefit. On Aug. 20 she was arrested and booked at the Cois M. Byrd Detention Center on suspicion of grand theft, theft by false pretenses, and passing counterfeit checks, with bail set at $193,000. Authorities seek additional victims and tips.
In late April, Riverside County sheriff's deputies spoke with victims who alerted them to a potential investment fraud by Consuelo Carrasco-Ramirez, a 53-year-old Hemet resident, who ran a wholesale avocado business, according to a sheriff's news release. Authorities said they spoke with seven victims who claimed Carrasco-Ramirez had coerced them into collectively investing $195,000 into her business since 2023 and often threatened to have Latino community members deported to make them invest more.
However, sheriff's deputies say Carrasco-Ramirez engaged in a Ponzi scheme with the investment fund - a scam wherein earlier investors are paid off not with company profits but with the cash of later investors, which creates a false impression of growth and leads to additional investment. "Instead of investing the victim's money as promised, Carrasco-Ramirez used the money for personal benefit," the release said.
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