LOS SANTOS — Federal prosecutors have charged Gail Winifred Ostrander, 60, with securities fraud, wire fraud, and money laundering in connection with the Del Perro Coastal Income Fund.
According to the complaint, Ostrander told investors the fund held short-term commercial real estate loans paying a steady 11 percent annual return. Investigators allege the fund made few loans and instead paid earlier investors with money from new investors, while Ostrander spent millions on property, artwork, and private air travel.
Many of the more than 300 investors were retirees. Anyone who believes they may be a victim is encouraged to contact the FIB Los Santos Field Office.
Ostrander is believed to have left San Andreas and is considered a fugitive.