Woman sentenced to four years in prison for swindling $727,000 in phony real estate investment scheme

Feb. 13, 2025 (DENVER)—Attorney General Phil Weiser announced today that a Colorado woman who scammed investors out of $727,000 in a fraudulent real estate investment scheme was sentenced to four years in state prison on Feb. 3 after pleading guilty to felony securities fraud. She was also ordered to pay $706,000 in restitution.

Michelle Boyer, 58, was indicted last year by the statewide grand jury on four felony counts, including securities fraud and theft. Prosecutors sought the indictment after an investigation spurred by two of Boyer’s victims coming forward to accuse her of promising big returns on real estate investments with little or no risk, while in fact using their money to pay her own business expenses, her personal expenses, and to repay other investors.

“Investment fraud is a serious crime and carries serious consequences,” Weiser said. “In this case, we are holding the defendant accountable for her crimes and sending a message to would-be fraudsters that if you defraud investors, you will find yourself in prison.”

Over the course of the investigation, prosecutors learned that, around March 2017, Boyer, who had up to that point worked as an insurance agent and investment advisor, began soliciting money for real estate deals. Boyer told prospective investors that their money would go toward purchasing properties, renovating them, and flipping them for a profit in a “fix and flip” strategy.

Boyer offered investors a promissory note saying she would pay them monthly interest from 7% to 12%, plus an “origination fee” that she claimed would be paid up front. Boyer claimed the investments were “safe” and involved little risk, while promising big returns.

While Boyer did provide deeds of trust to investors, those deeds were often not immediately filed and recorded, and sometimes never recorded at all. Boyer also withheld critical information to investors, including the fact that she already owned many of the properties and did not need investor money to pay for purchases.

Boyer failed to provide the true level of risk involved in the investments, failed to distribute promised returns, used investor money to pay her own personal debts, spent investor money on personal expenses such as dining and vehicle payments, and even withdrew large sums of cash.

Coloradans should be extremely cautious when investing their money. All securities investments, including real estate, carry a risk of loss. Coloradans looking to invest their money should be wary of anyone promising big returns quickly with little or no risk.

For more information about how to spot investment scams, or to file a complaint about a suspected investment scam—or any other scam or fraud—visit StopFraudColorado.gov (opens new tab).

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Media Contact:
Elliot Goldbaum
Community Education & Communications Manager
(720) 508-6769 office
elliot.goldbaum@coag.gov