Ponzi Scheme Ringleader Pleads Guilty

Friday, May 8th 2009, 12:20 pm
By: News 9

By Amanda Taylor, NEWS 9

OKLAHOMA CITY - An Oklahoma business woman plead guilty Friday morning to leading a Ponzi scheme.

Dawn Quiroga was running a company called Buyers Marketing Solution. It was a down payment assistance loan company. She would offer the loans to people who couldn't pay the down payment on their mortgage.

In order to fund the loans, she needed investors. She guaranteed investors that they would make a certain percentage back within a month or so of giving her the money. She lured more and more by paying them their guaranteed amount. They trusted her and would reinvest into the company. But in court today, she admitted that the money she was paying the investors was not the company's profit. She was taking the money from new investors to pay off the old - a Ponzi Scheme. 

NEWS 9's Consumer Watch team exposed what she was doing last year after victims started coming forward saying they were scammed out of thousands of dollars. The Consumer Watch team is continuing to follow the story and will have more on NEWS 9 at 10 on Monday.