Michigan businesswoman accused of defrauding investors of at least $1.05 million
Federal prosecutors accuse Michigan businesswoman Shannon Monet Steel of defrauding investors of at least $1.05 million by falsely presenting herself as wealthy and offering loans. She faces one wire fraud charge, which carries a possible sentence of up to 20 years if she is convicted; prosecutors say further charges may follow.
Prosecutors say at least eight victims were persuaded to provide escrow funds, which Steel allegedly kept. Court filings describe spending on a Bentley, a leased Maserati, travel, rent and personal expenses, including $3,500 on flights to Paris and Los Angeles over three weeks. An injunction has frozen three assets, including the cars, as well as bank accounts, jewellery and companies linked to her.
- Prosecutors allege Steel defrauded investors of at least $1.05 million.
- At least eight victims were allegedly lured by promises of loans.
- A court injunction has frozen cars, accounts and other assets.
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Federal prosecutors have accused Michigan businesswoman Shannon Monet Steel of running an investment fraud scheme. She allegedly presented herself as a wealthy businesswoman and offered loans to investors, but kept the escrow funds they provided instead of issuing the promised loans.
According to prosecutors, at least eight investors were defrauded of at least 1.05 million dollars in total. Court documents show Steel allegedly spent the money on luxury items and personal expenses, including high-end vehicles and international travel.
Federal fraud charges of this nature carry significant criminal penalties. Prosecutors have indicated that additional charges may follow as the case develops.
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Originally published by Daily Mail as “Hermes-toting female ‘girlboss’ shared video of herself emerging from chauffeured Bentley to ‘give back to her community’…but it was all a huge scam, FBI alleges”.