NY Pinay Ponzi Schemer Gets Jail Sentence

Dubbed by victims as the “Bernie Madoff of the Filipino Community,” convicted Ponzi schemer Razel Canedo was sentenced to 24 months in jail and 3 years supervised release thereafter, reports ABS-CBN News. Canedo was also ordered to pay $949,200  to the victims. Canedo admitted in court that between January 2003 and July 2008,  she told potential investors she was setting up a “nanny service and nursing agency business” that would help bring Filipino nurses from the Philippines to work in the US.