Manchester woman pleads guilty in real estate investment scheme
A Manchester woman is facing up to 20 years in prison in connection with a real estate investment scheme.According to the U.S. attorney’s office, Robynne Alexander, 63, pleaded guilty in federal court Wednesday to one count of wire fraud. Alexander is a former real estate investment coach. According to court documents, the scheme began in 2018 when Alexander started raising funds from her coaching clients for a New England real estate venture called Raxx LeMay LLC. She promised to buy and renovate two commercial properties in Manchester, but she only raised $700,000 of the $2 million needed before the deadline, according to court records.Under the terms of her agreement with investors, Alexander was supposed to pay them back with interest if the minimum amount of money needed for the venture could not be raised by the deadline. Authorities said instead of returning the investors’ money, she used the funds for purposes that were not permitted. Court documents show that Alexander eventually completed the purchase, using hard money loans and by improperly diverting investors’ funds to repay outside investors and fund additional projects. Over the next few years, Alexander used investor money across multiple projects without proper authority or disclosure. As a result, the U.S. attorney’s office said she left Raxx LeMay LLC with no assets and investors with total losses of about $850,000.In a separate project, court documents show Alexander solicited $750,000 to convert a Manchester property to apartments, but she diverted more than half of the funds to repay unrelated investors and personal loans. That resulted in the foreclosure of the property in 2023.Alexander also solicited funds for a resort project in Laconia in 2022. Authorities said she misappropriated at least $75,000 of the $250,000 she received from investors and ultimately failed to close on the property, causing the project to dissolve.Court documents show that across at least eight ventures, Alexander defrauded at least 24 investors out of more than $3 million.Alexander is scheduled to be sentenced in October.
A Manchester woman is facing up to 20 years in prison in connection with a real estate investment scheme.
According to the U.S. attorney’s office, Robynne Alexander, 63, pleaded guilty in federal court Wednesday to one count of wire fraud.
Alexander is a former real estate investment coach. According to court documents, the scheme began in 2018 when Alexander started raising funds from her coaching clients for a New England real estate venture called Raxx LeMay LLC. She promised to buy and renovate two commercial properties in Manchester, but she only raised $700,000 of the $2 million needed before the deadline, according to court records.
Under the terms of her agreement with investors, Alexander was supposed to pay them back with interest if the minimum amount of money needed for the venture could not be raised by the deadline. Authorities said instead of returning the investors’ money, she used the funds for purposes that were not permitted.
Court documents show that Alexander eventually completed the purchase, using hard money loans and by improperly diverting investors’ funds to repay outside investors and fund additional projects. Over the next few years, Alexander used investor money across multiple projects without proper authority or disclosure. As a result, the U.S. attorney’s office said she left Raxx LeMay LLC with no assets and investors with total losses of about $850,000.
In a separate project, court documents show Alexander solicited $750,000 to convert a Manchester property to apartments, but she diverted more than half of the funds to repay unrelated investors and personal loans. That resulted in the foreclosure of the property in 2023.
Alexander also solicited funds for a resort project in Laconia in 2022. Authorities said she misappropriated at least $75,000 of the $250,000 she received from investors and ultimately failed to close on the property, causing the project to dissolve.
Court documents show that across at least eight ventures, Alexander defrauded at least 24 investors out of more than $3 million.
Alexander is scheduled to be sentenced in October.
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