UPDATE: Joyce Judy Sentenced to 26 Months in Prison

by Gwen Moritz  on Wednesday, Dec. 14, 2011 11:16 am  

As Arkansas Business reported in September, Judy was persuaded to make a $1 million investment by a retired racecar driver from North Carolina named Bob Schacht. The money she invested, half stolen from a client and half raised through loans and mortgages, was ultimately wired out of the country.

After the sentencing hearing, Cassinelli said it was still not clear whether Schacht was also a victim or participant in the scam.

When Judy pleaded guilty on Aug. 2, prosecutors said she thought she was investing in the Iowa Speedway. But Cassinelli told ArkansasBusiness.com that the investment was actually a two-step deal in which investors were going to make a quick profit that they could then invest in the racetrack.

While there are believed to be multiple victims of the scam, Cassinelli said she believed Judy was the only connection to Arkansas.



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