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Robynne Alexander, the real estate developer who offered the state a too-good-to-be-true $21.5 million for the Laconia State School property, pleaded guilty Wednesday to a federal count of wire fraud in the United States District Court in Concord.

Alexander’s business model of offering eye-popping returns to her investors, as much as 80 percent, was actually part of a scheme to stay ahead of her creditors as her real estate empire crumbled, according to court records.

Alexander now faces up to 20 years in prison when she is sentenced at a later date. She’s already agreed to pay more than $3 million in restitution to her dozens of victims. Many of them gave Alexander their entire retirement savings, thinking she would help them make their fortunes.

Alexander presented herself as a California real estate success story when she moved to New England and taught classes as Real Estate Investor Goddess. Alexander showed people how to make big money on large-scale developments, such as apartment complexes, resorts, and even entire village complexes. In reality, she was a small-time player who flipped a few houses before she started teaching.

But someone did learn something in her classes; Alexander learned which of her students to rope in as investors for her various real estate schemes. She launched several different LLCs starting in 2018 using money from her former students, according to court records.

Under her Raxx‑LeMay, LLC., Alexander got investors to back the purchase and redevelopment of two commercial properties in Manchester. But even with her students, Alexander could only come up with $700,000 of the necessary $2 million for the purchase. Instead of giving the money back with interest to her investors, as was the agreement, Alexander bought the properties with investor money from other projects and high-interest loans. In a classic Ponzi-scheme move, Alexander paid returns to some Raxx-LeMay investors with the investor money from other LLCs she controlled.

After that, things took off for Alexander—but not for her investors. She transferred the Raxx-LeMay properties to another LLC, leaving that business and its investors $850,000 in debt and with no assets.

Alexander’s Elm and Baker, LLC., netted $750,000 in investor money to convert a Manchester property into apartments. Instead, Alexander used more than half that money to repay other, unrelated investors and her own personal loans, ultimately leading to foreclosure on the Elm and Baker property in 2023. 

Her biggest dream, the $21.5 million Laconia State School development, would have been a resort village with retail. It was the winning bid for the property. But for some reason, Alexander couldn’t close the deal. 

Alexander’s winning bid garnered negative attention as people close to the deal began asking questions about her financing. At the same time, one of her failed Manchester developments turned into a lawsuit. Former Gov. Chris Sununu recently said the state gave Alexander multiple opportunities to come up with the money before finally moving on.

“And after three or four extensions, we’re like, ‘Okay, enough is enough.’ And we pulled the plug, rightly so,” Sununu said.

Behind the scenes, Alexander struggled to raise $250,000 from investors for the $21.5 million purchase. At that point, she used $75,000 of that money on herself, including a month-long trip to Paris, Barcelona, Valencia, Nassau, Florida, and New Orleans.

Soon after the Laconia State School deal fell apart, Alexander was under investigation by both the Securities and Exchange Commission and the New Hampshire Bureau of Securities Regulation. As part of an agreement with New Hampshire authorities, Alexander will repay $96,000 to New Hampshire victims. She also agreed to give up any licensing to sell securities anywhere, and agreed not to be head of any company anywhere ever again.

Sununu gives credit to then-Executive Councilor Ted Gatsas (R-District 4) for protecting the state from getting more deeply involved with Alexander during the Laconia property process.

“Gatsas was one of the councilors who said, ‘We could have a problem here,” Sununu said during a recent radio appearance.

As the Alexander deal dragged out, “Ted was just really smart in terms of what we were potentially walking into, and putting up red flags for us. He really drove the message to get the state to pivot. And it was clearly the right thing to do.”

Robynne Alexander was known as a “Real Estate Investor Goddess,” who taught others how to make fortunes investing in property.

But the woman behind the failed $21.5 million bid for the Laconia State School property is now set to plead guilty in a federal fraud case after she allegedly stole millions from her former students, according to the New Hampshire Bureau of Securities Regulation.

“Many individuals put their entire retirement savings into the hands of Alexander, who abused their trust and enticed them with returns that she could not deliver,” said Michael Gallagher, Bureau staff attorney.

After investigations by the Bureau of Securities Regulation and the United States Securities and Exchange Commission, Alexander agreed to pay more than $3 million in restitution to her victims, in addition to the criminal charges filed in federal court. 

According to the Bureau’s consent order with Alexander, she took money from 30 people, many of whom she met through her investing classes. She touted her experience developing large projects like apartment complexes and retail developments without telling her investors that her short history in real estate mostly consisted of flipping houses.

Alexander created several LLCs for various projects and used investor money for some start-up costs, as well as high-interest loans from “nontraditional” lenders for the rest. She never told her investors about the loans, according to the consent order. She also didn’t tell them about using their money for her own personal expenses, fictitious payments to investors she liked, or a month-long vacation to Paris, Barcelona, Valencia, Nassau, Florida, and New Orleans.

Some investors were enticed by too-good-to-be-true 80 percent projected returns on their money. Her projects ran into trouble, and Alexander began paying some investors with money from other investors, the classic hallmarks of a Ponzi scheme.

After Gov. Chris Sununu pushed for a law in 2021 to let him manage the sale of the Laconia State School property, Alexander put herself and one of her companies forward with a $21.5 million bid to turn the 600 acre property into a new village that included housing, retail, entertainment, hiking trails, and more. 

Alexander’s winning bid began getting negative attention as people close to the deal started asking questions about her financing. Her $21.5 million bid was far higher than the other offers the state received.

Sununu, guest hosting for Jack Heath’s radio show, said Friday as news broke that former Executive Councilor Ted Gatsas (R-District 4) gets credit for raising arms about Alexander.

“You know, Gatsas was one of the ones on the council that said, ‘We could have a problem here.’ And, you know, he really understood the financing of some of the things with that organization,” Sununu said.

After at least four deadlines passed for Alexander to close the Laconia deal, Sununu and the councilors moved on.

“And after three or four extensions, we’re like, ‘Okay, enough is enough.’ And we pulled the plug, rightly so. But Ted was one of the ones who was just really smart in terms of what we were potentially walking into. And [he] put up the red flags for us, and really drove the message to get us to pivot, and it was clearly the right thing to do.”

The state is currently working with a new investment group that has an offer to buy the property for $10 million.

The Laconia State School bid came apart just as Alexander’s whole business model imploded. 

“Eventually, the high interest rates from nontraditional lenders, various lawsuits, and the promised returns to investors caught up with [Alexander], and her scheme collapsed,” the consent order states.

Alexander is paying $3 million to victims through the SEC enforcement actions, and another $96,000 to victims through the New Hampshire Bureau investigation. She also agreed to give up any licensing to sell securities anywhere, and not to be head of any company anywhere.

“This settlement shows that people will be held accountable when they mishandle and misuse investor funds for their own personal gain at the expense of hard-working individuals who are simply trying to meet their retirement goals,” Gallagher said.

Libertarian activist Ian Freeman is hoping to draw a ‘get out of jail free’ card now that he is serving his eight-year prison sentence for his Bitcoin money laundering conviction.

Freeman’s attorneys have filed a notice of appeal with the First Circuit Court of Appeals in Boston, signaling they plan to challenge the state’s evidence as well as the financial regulation laws used by prosecutors.

A jury found Freeman guilty last year on eight felony counts, including conspiracy to launder money obtained through wire fraud connected to his Bitcoin exchange. His stiff prison sentence is due to the fact Freeman was laundering money for internet romance scammers. 

Many elderly victims were instructed by their scammers to buy Bitcoin directly from Freeman. Freeman took a 10 to 15 percent commission, and the scammers could then anonymously take the digital currency, leaving the victims broke and heartbroken.

Over a few years, prosecutors said, Freeman laundered millions for the criminals while knowingly aiding their crimes. Freeman advertised his services and discretion as he set up churches and bank accounts to keep the money coming in. At one point, he even advertised he could work with Nigerian currency, the naira.

Prosecutors with the United States Attorney’s Office wanted to put Freeman away for over 20 years, while his lawyers asked for three years at his sentencing hearing this month. United States District Court Judge Joseph LaPlante opted for a 96-month sentence.

LaPlante told Freeman’s legal team they would unlikely get the sentence overturned or greatly reduced on appeal. 

“I can’t see that happening,” LaPlante said.

Freeman was arrested in 2021 when federal agents raided his home and businesses associated with his BitCoin exchange. Five other people arrested along with Freeman either had charges dropped or took plea deals, resulting in minimal prison sentences. 

Aria DiMezzo, 35, was sentenced to 18 months in prison after she took a plea deal earlier this year. Rich Paul (AKA “Nobody”), 56, Renee Spinella, 28, and Andrew Spinella, 37, all pleaded guilty and have already served their sentences. 

The sixth suspect, Colleen Fordham, 65, had the charges against her dropped.

Freeman, DiMezzo, and Nobody are all part of the Free Keene collective, an offshoot of the Free State Project. The Free State Project made a show of kicking Freeman out of the movement in 2014 after he repeatedly advocated for lowering the age of consent. 

The Free State Project is the libertarian initiative started by Jason Sorens to influence the state’s government toward libertarian principles. Freeman is also an advocate of seceding from the United States of America.

At the trial of alleged FTX fraudster Sam Bankman-Fried on Monday, former executive Nishad Singh admitted to being a “straw donor” who helped SBF distribute millions of stolen dollars to Democratic candidates and committees across the country.

Among them: All four members of New Hampshire’s federal delegation and the state Democratic Party (NHDP).

And according to the available records at the OpenSecrets website, all four candidates still have stolen cash on hand.

“My role was to click a button,” Singh testified. Those “clicks” included $5,000 to the Granite State Democratic Party and $2,900 to each of New Hampshire’s four congressional Democrats last year. And SBF funneled thousands more to Hassan and the NHDP during the hotly-contested 2022 campaign.

In fact, Hassan accepted a total of $30,800 between her campaign and her PAC from Bankman-Fried, while the NHDP collected $20,000. That ranks the two as number five and six on the list of Democrats and Democratic organizations to total campaign cash from FTX and its affiliates.

And those aren’t the only problematic donations for New Hampshire Democrats. Hassan also received a $10,000 contribution last year from disgraced U.S. Senate Robert Menendez (D-N.J.), currently facing bribery charges after cash and gold bars were found in his home. Hassan has declined to return the money or answer any questions about it.

Not to be outdone, Shaheen’s PAC gave Menendez a $5,000 donation just three days before his more recent indictment. Her staff blames a “clerical error” but declines to say if she’s going to ask that the money be returned.

“It’s another colorful data point of the bigger picture that a culture of brazenness has taken hold,” says Dan McMillan with the campaign finance reform organization Save Democracy In America.

The fact Hassan and Shaheen haven’t made a greater effort to distance themselves from Menendez shows they are now part of a system that largely ignores voters and treats campaign donors and lobbyists as their real constituents, McMillan told NHJournal.

“‘We, the people,’ are now a nuisance, a necessary evil, an obstacle to [politicians] getting done what they need to get done.”

Bankman-Fried wanted to get things done, too. According to this week’s testimony, he saw donating to Democrats as a way to raise his profile, the Wall Street Journal reports.

“Singh said the contributions, largely to center-left recipients, were made in his name for optics purposes. ‘It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else,’ he said.”

McMillan said these are all examples of a system that rewards politicians who can raise the most money. The money gives the politicians greater access to the levers of power, and it buys favorable treatment for the donors, he said. The lax federal regulation of the cryptocurrency market is, in part, a result of donations like the ones Bankman-Fried made, McMillan believes.

Save Democracy In America is promoting a taxpayer-funded campaign system, and McMillan argues it’s necessary because donors have too much power.

“Donors have become the gatekeepers, they are picking the candidates people are allowed to vote for,” McMillan said.

For example. Democratic donors are starving any candidate who might challenge President Joe Biden despite Biden’s deep unpopularity. “Donors all closed ranks and now Democratic voters are not going to have a choice this cycle on a presidential candidate,” McMillan said.

As long as politicians like  Menendez, Hassan, Shaheen, Kuster, and Pappas are incentivized to get money from donors, they will do just that. McMillan wants to use campaign money to leverage power back into the hands of voters. He’s hopeful it will work.

“We’re not a country like any other. This is the only country on Earth that stands for something. Being an American is about ideals,” McMillan said.

All four Democrats have declined to respond to repeated questions about these donations.

CONCORD — Andrew Spinella is skipping prison as part of the plea agreement he entered in the Keene Crypto 6 money laundering case.

Spinella, 36, pleaded guilty to one count of wire fraud on Tuesday. Two other federal conspiracy charges are being dropped as part of the deal.

While the agreement does not explicitly require Spinella to testify against alleged ringleader Ian Freeman, the charge itself implicates Freeman in a scheme to defraud banks.

Spinella pleaded guilty to a wire fraud count stating he created bank accounts in his own name, and then gave control of these accounts over to Freeman in order to allow Freeman to use the accounts to sell Bitcoin. Assistant United States Attorney Georgiana MacDonald told Judge Joseph Laplante the government has text messages between Andrew Spinella and his wife, Renee Spinella, detailing the scheme.

MacDonald said Renee Spinella explained to her husband in the texts similar bank accounts she opened for Freeman had been closed because of banking laws.

Laplante asked Andrew Spinella point-blank if he was guilty during Tuesday’s hearing.

“I feel with everything going on, if I were to take it to trial, it would make it far worse,” he told the judge.

Laplante pressed Spinella on his guilt, saying he could not accept a guilty plea if Spinella did think he was guilty of the crime charged.

“I don’t mean guilty in some cosmic sense,” Laplante said.

Spinella continued that it would be worse for him if he took the case to trial and if he was tried with the five other defendants. Laplante again asked if he was guilty.

“There’s too much evidence that says that I am,” Spinella said.

Renee Spinella, 25, was also scheduled to enter into a plea agreement, but she did not appear in court Tuesday. She was reportedly feeling unwell and her hearing is now set for Thursday. Renee Spinella is also currently charged with conspiracy along with Freeman, her ex-boyfriend. Freeman, 42, Colleen Fordham, 62, of Alstead, Nobody (formerly Richard Paul), 54, of Keene, and Aria DiMezzo, 36, of Keene, are all charged with conspiracy to operate an unlicensed money transmitting business.

Observing Tuesday’s hearing were Freeman’s attorney, Mark Sisti, and DiMezzo’s attorney, Richard Guerriero.

Freeman is a long-time libertarian activist who first moved to New Hampshire as part of the Free State Project. That organization distanced itself from Freemen in 2014 when he repeatedly used his radio show to call for lowering the age of consent.

In 2015, federal agents raided Freeman’s Keene home and seized dozens of computers and other devices as part of an investigation into the alleged possession of child sex abuse images. No charges were ever brought in the case. Freeman filed a lawsuit against the FBI agent who obtained the search warrant last week.

Nobody (Richard Paul) did jail time for a drug conviction in 2014 and has run for both mayor of Keene and governor of New Hampshire. He was held the longest in jail after the money laundering arrest last year, due in part to his threats against law enforcement.

DiMezzo, who describes herself as a trans satanic anarchist, ran unsuccessfully for Cheshire County sheriff as a Republican in 2020.

Freeman and DiMezzo both started churches that the indictments claim they used as part of the $10 million money-laundering scheme. According to court records, since 2016, the defendants have operated a business that enabled criminal customers to exchange over $10 million in fiat currency for virtual currency, charging a fee for their service. They operated their virtual currency exchange business using websites, as well as operating virtual currency ATM machines in New Hampshire.

Prosecutors claim Freeman knew he was laundering ill-gotten money from criminals. The indictment alleges the defendants knowingly operated the virtual currency exchange business in violation of federal anti-money laundering laws and regulations. Additionally, the indictment alleges some defendants opened bank accounts, some in the names of purported religious entities, like DiMezzo’s Satanic Temple.

Agents took dozens of guns and close to $200,000 in cash out of Freeman’s Keene homes during the March 2021 raid when he and the others were arrested. He was estimated to have more than $1.6 million in cryptocurrency at his disposal that authorities know about, according to court records.