A judge on Thursday jailed a woman who authorities said continued to operate a financial scam after she was indicted and released on bond last year.
Federal Magistrate Judge Michael Watanabe revoked bail for Jannice McLain Schmidt, 68, of Denver during a hearing at U.S. District Court in Denver.
She could be detained until trial on charges of conspiracy, mail fraud, wire fraud, securities fraud and money laundering for her role in an alleged $56 million high-yield-investment scam.
Schmidt was arrested last week after prosecutors determined that, after posting $100,000 bond in April 2004, she allegedly continued to send statements and even money transfers to investors. Although she didn’t lure new clients into the alleged scheme, she did violate the terms of her bond, prosecutors said.
Schmidt and six others, including her husband, Norman, were indicted in March 2004. Investigators said they lured more than 1,000 people into putting money into fictitious high-return international bank investments.
