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BOISE, Idaho -

An Idaho Falls woman has been indicted by a federal grand jury in Boise on six counts of wire fraud, three counts of money laundering, and forfeiture of proceeds of the crime. 

US Attorney Wendy J. Olsen said Lois Davis, 59, was charged with devising a scheme to defraud while she was living in St. Anthony.  She said Davis was fraudulently representing to investors that they could invest money and be entitled to a portion of commissions Davis claimed she would receive on significant financial transactions.  The indictment charges Davis accepted investors money under false pretense then spent it on her own personal expenditures, including horses and trucks.

The indictment alleges that none of the investors received their promised return and that Davis accepted approximately $2.1 million in investor funds, refunded approximately $330,000 to them, and kept approximately $1.8 million in fraudulently-obtained investor funds.

The case was investigated by the Federal Bureau of Investigation.

According to Olsen, wire fraud is punishable by up to 20 years in prison, a $250,000 fine, and three years of supervised release.  Money laundering is punishable by up to ten years in prison, a $250,000 fine, and three years of supervised release. An indictment is a means of charging a person with criminal activity, It is not evidence. The person is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.