NORFOLK, Va. (WAVY) — A Florida woman was sentenced on Wednesday to 10 years in prison and ordered to pay over $25 million in restitution for taking part in an investment fraud conspiracy.

Officials say Raenn Gibson, 48, targeted over 300 investors, causing victims approximately $25 million in losses.

According to court documents, Gibson, of Palm City, along with codefendant Daryl Bank and others, operated an investment fraud scheme in the Tidewater area and other parts of the country.

Authorities say the crimes ranged from about January 2012 to July of 2017.

Officials say Gibson, who served as chief operating officer of Dominion Investment Group, and her conspirators, engaged in a nationwide fraudulent investment scheme deceiving hundreds of unsuspecting investors – most at or near retirement age – by convincing them to invest in companies owned and controlled by Daryl Bank.

At Bank’s direction, investigators say Gibson stole a significant portion of investment funds to pay for their criminal enterprise and Bank’s “lavish lifestyle.”

“Raeann Gibson and her co-conspirators orchestrated and facilitated a massive scheme to defraud mostly elderly investors of approximately $25 million. In the end, Gibson and her co-conspirators left a wake of financial devastation that wiped out hundreds of vulnerable victims located throughout the country, including massive losses to victims located here in Hampton Roads,”

G. Zachary Terwilliger | U.S. Attorney for the Eastern District of Virginia

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