Woman Pleads Guilty in $3.1-Million Scam

From Times Wire Reports

A Fremont woman has pleaded guilty to defrauding about two dozen investors of $3.1 million.

Under a plea agreement, Nimfa Montes Beredo, 39, pleaded guilty Thursday to wire fraud, credit card fraud and money laundering before a U.S. judge.

Beredo admitted that from January 1997 through February 2003 she convinced people to provide her with money by falsely claiming she was going to purchase airline tickets in bulk at a discounted rate.

Beredo told them she would resell those tickets at a higher price and share the profits.

Instead, she used the money for her own benefit and to pay off earlier investors in her scheme, authorities said.

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