A 66-year-old Long Island City woman will be spending the next three-to-nine years behind bars for her part in a scheme that swindled more than $1.3 million from victims who believed they were investing in money-making real estate deals.
Ibis Febles admitted at her sentencing at Queens Criminal Court that she swindled 50 unsuspecting victims out of their savings between September 2003 and October 2008, by assuring them that their money would be invested in a profitable real estate corporation. The victims were advised that their investment would be used to purchase and sell properties for above-market returns, Febles said.
Queens District Attorney Richard Brown said the scheme targeted members of the Latino community. Investigators are searching for a second individual, Giancarlo Giuseppe, 69, who partnered with Febles to pull off the swindle.
“Many of the victims of this scheme lost their entire life savings,” Brown said. “I would therefore let this case serve as a warning to all investors, to use extreme caution.”
Febles identified herself to victims as vice president of the Buyersnet Real Estate Corporation, and Giuseppe as owner of the firm, that fraudulently listed offices in Elmhurst, Jackson Heights and Long Island City.
Febles promised victims that they would gain a 10, 12, or 14 percent return on their investments. After coming up with the cash, each victim received a certificate that allegedly represented the amount of their investment, referred to as a “GIOS”, or “Guaranteed Interest Options” investment.
The receipts reflected a guaranteed interest rate that was significantly higher than rates paid by reputable financial institutions, Brown said.
Febles pleaded guilty in May, to one count of first-degree criminal possession of stolen property, one count of first-degree grand larceny, six counts of second-degree grand larceny, 22 counts of third-degree grand larceny and two counts of fourth-degree grand larceny. She also signed 30 confessions of judgment, totaling approximately $1.3 million.
Anyone with information on the whereabouts of Giancarlo Giuseppe is urged to call the Queens District Attorney’s Detective Squad at 718-286-6500. All calls will be kept strictly confidential.
