Investors in Massachusetts have lost nearly $11 million after a promissory-note Ponzi scheme drained a West Springfield loan business.
Barbara A. Hirshfield, 83, of Lexington, has pleaded guilty to five counts of wire fraud for running a Ponzi scheme through Ideal Financial Services Inc. and Ideal Financial Holdings, says the U.S. Attorney’s Office for the District of Massachusetts.
Prosecutors say she sold notes promising high fixed returns and told buyers the cash would fund motor vehicle and small loans, with interest paid from borrower repayments…