Idaho Falls woman sentenced for wire fraud
An Idaho Falls woman was sentenced Monday to 46 months in prison for wire fraud. According to U.S. Attorney Wendy J. Olson, U.S. District Judge Edward J. Lodge ordered Lois Davis, 60, to pay $2,000,500 in restitution and serve 100 hours of community service.
Davis was indicted by a federal grand jury on October 15, 2014.
Davis owned and operated Rouge River Financial and Y4 Ranch, based primarily in St. Anthony, Idaho. From August 2007, to July 2010, Davis devised and orchestrated an investment scheme, enticing investors to send money to her. Olson said Davis made materially false representations that investors would be entitled to a portion of a commission that Davis would earn on a financial transaction. Some were promised to receive up to ten times their initial investment.
According to Olson, at least one investor victim said Davis provided a fraudulent copy of her bank balance, showing assets of over $19 million, when in fact the accounts contained less than $100.
During the time period, Davis received from investors approximately $2.1 million and refunded approximately $330,000. She kept approximately $1.8 million in fraudulently obtained funds. Olson said Davis spent the investors’ funds on personal items, including vehicles, horses, and tack and gifts to her family and church.
