Woman, 70, Facing 5 Years On Fraud Charge

Thu., Dec. 25, 1997

Associated Press

A 70-year-old Seattle woman could spend up to five years in prison for her role in a scheme to defraud real estate investors, authorities said.

Louise McBain pleaded guilty to one count of mail fraud Tuesday, the U.S. attorney’s office said in a news release.

McBain also faces a fine of up to $250,000. Sentencing was scheduled for Feb. 27.

McBain and her husband, Duane, ran First Pacific Investment Co. in Seattle for more than 20 years. The company brokered investments in real estate and real estate contracts in Washington state.

Duane McBain handled investment decisions and Louise McBain acted as bookkeeper and secretary for most of the company’s existence, and as president from 1987 to 1992, investigators said.

According to court records, company profits began declining in the mid-1980s. Louise McBain admitted that in 1986, the McBains began selling interests in the same real estate to multiple investors, the news release said.

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