A Massachusetts woman could face up to two decades in prison after pleading guilty to running a $10 million Ponzi scheme.
Barbara Hirshfield, an 83-year-old Lexington resident, pleaded guilty Thursday to five counts of wire fraud, according to the U.S. Attorney’s Office.
Hirshfield was the owner and operator of Ideal Financial Services, Inc., a West Springfield-based business. Ideal provided loans for motor vehicles and small businesses and raised money for investors by guaranteeing high rates of return on promissory notes, prosecutors said. But instead of using borrowers’ loan payments to generate returns, Hirshfield brought in new investors to pay off previous investors…