Blanchester, Ohio

Ashcraft pleads guilty in real estate scheme

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• published: 16 Apr 2015
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CINCINNATI (Angenette Levy) -- Brenda Ashcraft denied she swindled her real estate investors out of millions. But Wednesday, April 16, in federal court she changed her tune, pleading guilty to four counts including wire and securities fraud and money laundering. "It's not that we can't live without the money or we wouldn't have invested it," said Mike Fink, of Lexington. "You always have a risk of losing. It's just the fact you feel so violated when somebody steals from you." Fink and his partner lost 32,000. Federal prosecutors said Ashcraft's clients thought they were investing in real estate but she was actually using one investors' money to pay off another. She also bought Cincinnati Reds tickets and paid for trips to Mexico. "At this point there doesn't seem to be any likelihood of recovery," said attorney Philomena Ashdown who represents six people who lost .5 million. Prosecutors claimed Ashcraft bilked investors out of 5 million. But her attorney, Clyde Bennett, believes that figure is inflated and that she may owe investors between million and million. "I think Ms. Ashcraft is going to do everything that she can to make the victims whole. That's her intent and that's her plan is to pay restitution to the victims in this case," Bennett said Wednesday. Bennett did not elaborate on how Ashcraft plans to pay back investors. Judge Sandra Beckwith will hold a hearing to determine how much money Ashcraft will be ordered to pay back. Ashcraft faces 70 years in prison. "I would like to see her serve the time. I would forgo the money if she spent 70 years in jail," Fink said. Ashcraft is being held in the Butler County Jail. She failed to appear in court Tuesday, April 14, and later surrendered to authorities. Federal officials said she tried to destroy evidence on her iPhone by sending a "wipe" command to it after it was seized by the FBI. Follow Angenette Levy on Twitter @angenette5, and LIKE her on Facebook.Follow us on Twitter @Local12 and LIKE us on Facebook for updates!