A 72-year-old woman was convicted in Montgomery County, Maryland, after prosecutors said she met a Silver Spring man on a dating website, moved into his home, and took more than $400,000 through a fake investment scheme.
Janey Sears, of Washington, D.C., was found guilty Tuesday in Montgomery County Circuit Court of theft scheme over $100,000, securities fraud, and misappropriation of funds by a fiduciary, according to WTOP.
Prosecutors said she presented herself as a Harvard graduate who owned a D.C. based transportation logistics company.
She Moved Into His Silver Spring Home After They Met Online
Prosecutors said the relationship began with a dating website connection in September 2019.
The first time Sears met the victim in person, she suggested staying at his Silver Spring home because it would make it easier for her to attend a meeting in Baltimore the next morning.
A couple of months later, in November 2019, the victim, a federal worker in his 50s, allowed Sears to move into his home.
Sears encouraged the victim to take on home improvement projects and suggested he obtain a home equity line of credit to help pay for them. With Sears’ encouragement, the victim secured a $150,000 loan in May 2020.
The Fake Investment Pitch Centered on Pfizer Stock
In August 2021, Sears told the victim about what she described as an “investment pool” for Pfizer stock. Prosecutors said she promised the investment would make him financially independent and told him the opportunity was usually reserved for wealthy people like herself.
From August 2021 through May 2023, the victim gave Sears money through checks, wire transfers, and cash because he believed she was investing it for him.
Instead, prosecutors said Sears deposited all of the money into her personal accounts.
Prosecutors Traced the Money to a Car and Casinos
At trial, prosecutors used a flow chart to show how the victim’s money moved after Sears received it.
One transaction was tied to the purchase of a 2022 Alfa Romeo Giulia. Prosecutors said Sears spent $55,000 on the vehicle, then told the victim the car had come from her father.
Another chart showed Sears gambled about $113,000 at MGM Casino, Live! Casino & Hotel Maryland, and Ocean Resort Casino in New Jersey.
The Jury Returned a Guilty Verdict in 75 Minutes
The jury deliberated for one hour and 15 minutes before finding Sears guilty. Montgomery County State’s Attorney John McCarthy said Sears groomed the victim, gained his trust, and deceived him into believing she was acting in his best interest.
Sears is scheduled to be sentenced on Aug. 28 and faces up to 23 years in prison.
Prosecutors are expected to seek incarceration and restitution for the victim at sentencing.
Relationship Investment Scams Use Trust Before the Money Request
Investor.gov, a website run by the U.S. Securities and Exchange Commission, warns that relationship investment scams often start when someone builds trust through friendship or romance before pushing a phony investment opportunity.
Warning signs include exclusive investment access, promises of financial independence, claims that an opportunity is normally reserved for wealthy people, pressure to keep the investment private, requests for checks or cash sent to a personal account, and vague explanations about where the money is actually being held.
Investors can verify whether the person offering the investment is licensed, ask for written offering documents, confirm where the funds will be held, and speak with an independent financial professional who is not connected to the person making the pitch.
Suspected investment fraud can be reported to the SEC at sec.gov/tcr, FINRA at finra.org/file-a-complaint, local law enforcement, and the FTC at ReportFraud.ftc.gov.