Local News

Raleigh Antiques Store Owner Pleads Guilty to Fraud

Posted March 5, 2008 12:22 p.m. EST
Updated March 5, 2008 5:28 p.m. EST

— The owner of an antiques store in Raleigh's Five Points district pleaded guilty to wire fraud Wednesday in an alleged scheme that investigators say generated at least $3 million.

Between February 2006 and June 2007, Patricia Jacoby, the owner of POSH! Fine Arts and Antiques, lied to investors, authorities said. Court documents allege she told investors she purchased estate lots of antiques and promised a 22 percent return on the investment within 30 days

Jacoby has been found guilty in similar schemes twice before. In 2006, she pleaded guilty in Wake County, and investigators say she used money from the latest scheme to pay restitution in that case.

Sentencing has not been set.