A swindler dubbed “the white mommy” by fellow inmates will spend at least five years behind bars with federal convicts after admitting that she scammed hundreds of investors in New Jersey and throughout the U.S. out of $15 million. Marcia Sladich, 51, pleaded guilty to mail fraud in connection with the Ponzi scheme, which she admitted operating from 2004 through 2007 out of a Clifton business she called Kay Services.
U.S. District Judge Katharine S. Hayden is expected to send the Portugese immigrant to prison for 63 to 78 months, under federal sentencing guidelines, but could go higher or lower, at a Nov. 24 sentencing. Sladich, meanwhile, remains in custody.
During a plea hearing today in federal court in Newark, Sladich said she told would-be real estate investors that they’d receive a 100-percent return within a year on risk-free ventures. She said she convinced them to recruit new investors, then used the new money to repay the initial entrants.
With the couple or so million that was left, she bought real estate in Florida and Brazil in her name and in the names of her relatives and paid personal expenses — including her mortgage — with the money, Sladich told the judge.
In letters to her friends from custody, where she counted 45 black and 17 white women, Sladich said fellow inmates dubbed her “the white mommy.”
She said she’s also “found God in hell,” noting that “[t]here is nothing worse [than] to be in jail in downtown Newark.”
After Thanksgiving, she’ll be in a different facility.
PHOTO COURTESY OF “FRIENDS OF MARCIA”
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