Local News

Raleigh Business Closed, FBI Investigates

Posted July 17, 2007
Updated July 18, 2007

Map Marker  Find News Near Me

— The FBI is asking lots of questions about the Posh Antique store in Raleigh's Five Points neighborhood.

Federal agents suspect it was a front for an investment pyramid scheme. The business opened in March and is now closed.

WRAL talked to two people who initially filed complaints with the Raleigh Police Department. Local police and federal agents are working together.

There are investors locally and in other states who believe their money disappeared.

Several investors told WRAL they had no idea the antique store owner, Patricia Jacoby, had a criminal past.

Mark Cravens, a developer in Tampa, Florida, said he invested nearly $400,000 with Jacoby.

He said she promised a 24 percent profit by marking up merchandise she would buy from estates.

“She was telling us that she was buying estates, antiques and fine art. She would buy the whole estate,” said Cravens.

Cravens said he invested in April, received $50,000 back and then the checks stopped coming.

Jacoby has been in trouble with the law before.

She spent a year and a half in prison for bilking investors in an art scheme after a 2000 conviction in Mecklenburg County.

In 2004 she was arrested in Wake County on similar charges. She pleaded guilty last year and paid $56,000 in restitution to victims. She is currently on probation.

Raleigh attorney Nick Stratas represents two recent, local investors whose money he believes is gone.

“It's just so horrible. ... From what we’ve seen it looks like hundreds of thousands of dollars so far,” said Stratus.

The Florida investor said he was attracted by others who made money.

“Everything seemed good. We talked to a lot of people who received payments for more than a year,” said Cravens.

The FBI confirmed there are potentially dozens of investors involved in this case.

Jacoby was unavailable for comment.

The landlord at Jacoby's Five Points store said he hasn't seen her.  When her rent was late this month, he locked the door.


Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all
  • jonp63 Jul 18, 2007

    roadngineer -at- yahoo -dot- com SUCKER!!!!!

  • shine Jul 18, 2007

    How could someone give money to someone they don't know and expect any return........

  • roadngineer Jul 18, 2007

    Everyone assumes the investors did not check out Patricia Jacoby's background, but as one of the investors, I can tell you that I did. But unfortunatly, she told everyone her last name was Jacobs and there is no criminal background on Jacobs.

  • curiousgeorgia Jul 18, 2007

    Good idea, blackdog!

  • papa jim Jul 18, 2007

    I'm glad that the people who invested money with her and expected a 24% return have lost their money because they are too stupid to have money

  • HadEnough Jul 18, 2007

    Kills me the FBI is right on this yet these state government criminals are still at it.

  • sfate61 Jul 18, 2007

    I know this Patrica personally. She sold at the Raleigh Fairgrounds flea market on the weekends. She scam a lot of people and also scam a lot of people on Ebay out of hundreds's of thousands of dollars. I had heard just the other week she had open up an antique shop, but I guess she never changed her ways,no matter how many times she had been in jail. You can't get a leopard to change his spots no matter what. Maybe now they will lock her up for good.

  • turkeydance Jul 18, 2007

    greed is good. heard that in a movie. must be true.

  • Mrs. Fabulous Jul 18, 2007

    What an idiot she was, scheming and she's still on probation! Dummy! Did she think she'd get away with it this time? Karma will venge her along with more prison time.

  • OLD PIRATE Jul 18, 2007

    Give it to Jim Black and he could make money for you