A Colorado woman will spend four years in prison after stealing more than $700,000 from locals in a real estate investment scheme.

Michelle Boyer, 58, was sentenced on Feb. 3 after pleading guilty to felony securities fraud. She was also ordered to pay $706,000 in restitution, according to a news release from the Colorado Attorney General’s Office.

A state grand jury indicted Boyer on four felony counts, including securities fraud and theft, last year.

Investigations into Boyer began after two victims came forward and claimed that Boyer had promised them significant returns on a real estate investment with “little or no risk,” according to the release.

During the investigation, prosecutors learned that Boyer — who had previously worked as an insurance agent and investment advisor — began soliciting money for real estate deals around March 2017. Boyer told prospective investors that their money would go toward purchasing properties, renovating them and “flipping” (selling) them for profit.

Boyer used the invested money for her own business expenses, personal expenses and paying other investors, according to the release.

Boyer offered investors a promissory note saying she would pay them monthly interest from 7% to 12%, plus an “origination fee” that she claimed would be paid up front.

While Boyer did provide deeds of trust to investors, some of those deeds were not filed. Boyer also did not tell investors that she already owned many of the properties and did not actually need investors’ money to purchase the properties.

Ultimately, Boyer never paid the promised returns and even spent the money on personal expenses like dining and car payments, according to the release.

“Investment fraud is a serious crime and carries serious consequences,” Attorney General Phil Weiser said in the release. “In this case, we are holding the defendant accountable for her crimes and sending a message to would-be fraudsters that if you defraud investors, you will find yourself in prison.”