Amarillo Woman Sentenced in Investment Fraud Scheme

An Amarillo woman has been sentenced to six years in prison and will have to pay back some $600,000 to investors after being found guilty of an investment fraud scheme that targeted the elderly.

60-year-old Janice Demmitt was convicted in August of the conspiracy to commit money laundering, as well as eight counts of wire fraud and 11 counts of actual money laundering.

Investigators say that between 2006 and 2009 Demmitt and her son, 33-year-old Timothy Fry, operated an insurance agency that scammed elderly investors who purchased annuities. Fry in October plead guilty to money laundering and was sentenced to seven years in prison. He was also ordered to repay $583,000 for investment fraud.