Phoenix Power Rising admin arrested for securities fraud
Terri Ann Petty first popped up on BehindMLM’s radar last year, as admin of the Phoenix Power Rising cycler Ponzi.
Following complaints from her investors, authorities in Ventura County launched an investigation.
Petty was subsequently arrested for securities fraud on August 31st.
Phoenix Power Rising was a reboot of a collapsed 2012 scheme bearing the same name.
The original Phoenix Power Rising appears to be a continuation of “Project 4 Freedom 2010”, which collapsed in early 2011.
Through various Ponzi cyclers under different names, Petty had been scamming people since 2010.
Petty is alleged to have used “elaborate false claims” and “promises of spectacular returns” to get people to invest from 2010 until August of this year, prosecutors said.
Estimated losses of Phoenix Power Rising investors run into the hundreds of thousands of dollars.
Prosecutors allege Terry used this money, sourced from “200 to 300 investors”, to “pay for her living expenses”.
In addition to securities fraud, Petty was charged with grand theft and elder abuse.
According to a September 14th Acorn report, Petty initially plead not guilty to the charges.
Petty’s inmate record at the Ventura County Sheriff’s Office however cites her as since pleading guilty to all charges.
If convicted Petty was facing up to seven years in prison. It’s unclear whether her guilty plea will see her sentence reduced.
Petty’s next scheduled court appearance is on November 6th. Stay tuned…