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Episode 32: Flipping Frenzy Scam

Case File

Flipping Frenzy Scam
A would-be marketing mogul relies on investor trust and faith. Jeanetta Standefor convinces clients their cash is rescuing homeowners from foreclosure. But, while investors think they're helping neighbors stay in their homes, Standefor is helping herself to millions.

Flipping Frenzy Scam

  • Accelerated Funding Group
  • Jeanetta Standefor runs Accelerated Funding Group. The company claims to use investors' funds to save homeowners from foreclosure. But while clients think they're helping people stay in their homes... Standefor is helping herself to millions!
  • The Con
  • Standefor convinces clients their cash is rescuing homeowners from foreclosure. She targets inexperienced investors and appeals to their sense of altruism. Her charisma lends credibility to her unrealistic claims. Her pitch sounds too good to be true... and it is.
  • Living the Good Life
  • Jeanetta Standefor is living the high life. She uses investor money to buy diamonds, tickets to the theatre and sporting events. She even uses the money to pay for her wedding and a plush honeymoon. But the lavish celebration hides a harsh reality. AFG is crumbling.
  • End Game
  • In 2007, the real estate market is tanking and so is AFG. Standefor has been running a scam and bilked hundreds of investors in three states. The Securities and Exchange Commission opens an investigation.

Web Extras

  • Top 10 Investor Traps Wednesday, 7 Apr 2010 | 12:48 PM ET
    It’s easy to become a victim of an investor scam, as news headlines have shown for the past two years.  Criminals follow the latest market trends and find weaknesses to lure victims.  According to the , senior citizens are the No. 1 target for fraud, while baby boomers are second.  In 2008, the FBI estimated $40 billion was lost to securities and commodities fraud.So how can you protect yourself from being scammed? Click ahead to see which investment vehicles are ranked high for fraud and get ti

    How can you protect yourself from being scammed? Click to see which investment vehicles are ranked high for fraud and get tips to make sure it doesn't happen to you.

  • Top 10 States for Mortgage Fraud Monday, 26 Apr 2010 | 10:57 AM ET
    Reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry continue to climb, increasing by 7 percent from 2008 to 2009, according to a new report from the Mortgage Asset Research Institute.While the pace has slowed since the 2007-2008 increase of 26 percent, the continued increase is believed to be attributed to better industry reporting and policing.MARI's fraud index, or *MFI, is based on the number of fraud and misrepresentation incidents reported fo

    Reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry continue to climb, increasing by 7 percent from 2008 to 2009.

  • American Greed Preview     Wednesday, 31 Mar 2010 | 12:00 AM ET

    Pharmaceutical giant Pfizer is accused of putting profits over patients, plus the case of Jeanetta Standefor, who helped herself to millions of her clientsâ?? money.

  • Mortgage Scam     Wednesday, 7 Apr 2010 | 12:01 AM ET

    Jeanetta Standefor's plan to help neighbors avoid foreclosure while making a profit was a scam. American Greed goes inside the story of one woman who bilked 600 investors out of millions.

  • Flipping Frenzy Scam     Thursday, 1 Apr 2010 | 12:01 AM ET

    FBI agent Linda English describes how Jeanetta Standefor convinced her investors that Accelerated Funding Group was a legitimate business.

  • The SEC Investigation     Thursday, 1 Apr 2010 | 12:02 AM ET

    Attorney Ann Kim discusses the S.E.C. investigation of Jeanetta Standefor and Accelerated Funding Group

American Greed Showtimes

AMERICAN GREED MARATHON FRIDAY!
Friday, April 18th 12p – 6p ET
12p ET AG #79
The Lady Killer
1p ET AG #82
Young Lust Goes Bust
4p ET AG #81
Murder in Memphis
The Prisoner of Wall Street
Saturday, April 19th 1a, 3a ET/PT
$udden Death/ Hip Hop Hustle
Sunday, April 20th 1a, 3a ET/PT
Check the U.S. TV schedule for additional showtimes.
#AmericanGreed

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