A federal judge convicts a Covington woman for embezzling over $400,000 from six victims says the United States Department of Justice.
U.S. Attorney Duane A. Evans announced that Ritchel Morehead, 40, was convicted of wire fraud in connection with a fake investment scheme.
The scheme used a corporation, named Chel Corporation, to steal $460,000 from six people who she led to believe the money covered fees, costs, and down payments for multi-million-dollar loans.
Instead, Morehead spent the funds on personal expenses, such as jewelry and a vehicle, and transferred cash to overseas accounts.
Morehead faces up to twenty years in prison when a federal e Martin L. C. Feldman sentences her on April 6.
