March 6, 2012
SANTA ANA, Calif.—A federal judge has sentenced a Southern California promoter of Christian rock concerts to more than four years in prison for a Ponzi scheme involving nearly $1 million.
Federal prosecutors said Tuesday that 43-year-old Lauren Baumann of Downey, owner of the promotion company Stewardship Estates LLC, was sentenced to four years, nine months in prison and must pay restitution to more than two dozen victims.
Baumann pleaded guilty to wire fraud in October for falsely promising investors that their money would be used to host Christian rock battle-of-the-bands concerts.
Prosecutors say she instead used the money to pay previous investors, to rent a $10,000-a-month mansion in Downey and to pay for private school for her children.