St. Louis Broker Admits to Stealing $1 Million in Fraud Scheme

June 15, 2010

A St. Louis insurance broker has admitted to a fraud scheme that resulted in the theft of more than $1 million from investors.

The U.S. Attorney’s office says 60-year-old Germaine Pang pleaded guilty to mail fraud on Friday. Sentencing will be Sept. 15.

Court documents show that Pang worked as an independent contractor from 2003 through October 2009, helping clients obtain insurance and soliciting them for investment opportunities.

Federal prosecutors says she coaxed clients, including relatives and friends, to invest in a nonexistent fund, even created fake annual reports mailed to investors to convince them the investments were safe and growing.

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