Dominion Funding Group govt sentenced for $25M funding fraud

NORFOLK, Va. (WAVY) — A Florida lady was sentenced on Wednesday to 10 years in jail and ordered to pay over $25 million in restitution for collaborating in an funding fraud conspiracy.

Officers say Raenn Gibson, 48, focused over 300 buyers, inflicting victims roughly $25 million in losses.


In line with courtroom paperwork, Gibson, of Palm Metropolis, together with codefendant Daryl Financial institution and others, operated an funding fraud scheme within the Tidewater space and different components of the nation.

Authorities say the crimes ranged from about January 2012 to July of 2017.

Officers say Gibson, who served as chief working officer of Dominion Funding Group, and her conspirators, engaged in a nationwide fraudulent funding scheme deceiving tons of of unsuspecting buyers – most at or close to retirement age – by convincing them to put money into corporations owned and managed by Daryl Financial institution.


At Financial institution’s route, investigators say Gibson stole a good portion of funding funds to pay for his or her prison enterprise and Financial institution’s “lavish life-style.”

“Raeann Gibson and her co-conspirators orchestrated and facilitated a large scheme to defraud principally aged buyers of roughly $25 million. Ultimately, Gibson and her co-conspirators left a wake of economic devastation that worn out tons of of weak victims positioned all through the nation, together with huge losses to victims positioned right here in Hampton Roads,”

G. Zachary Terwilliger | U.S. Legal professional for the Jap District of Virginia


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