November 22, 2014
RICHMOND, Va. (AP) - A Nevada woman faces sentencing in Virginia for participating in a college savings scam.
Linda Palmer Taylor of Henderson, Nev., will be sentenced Friday in federal court in Richmond. Sentencing guidelines call for a term of up to five years and three months.
Taylor pleaded guilty to wire fraud conspiracy in May. According to court papers, Taylor and Edward Menster of Henrico County sold about $1.6 million in annuities to investors through two companies that claimed to help families secure college financial aid. They lied to investors about the security of the funds, which they used for their own gain, for other businesses and to pay earlier investors in a Ponzi-like scheme.
Menster previously pleaded guilty to wire fraud conspiracy and was sentenced to four years, 10 months.