Niles Financial Adviser Lucita Zamoras Sentenced to 54 Months for Taking $3.1 Million From Older Filipino Immigrants

Case from 2018–2022 (U.S. Attorney's Office release: Oct. 10, 2018; later developments are from court records and other sources cited below). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Lucita Zamoras, a Niles, Illinois, financial adviser and insurance agent, was sentenced in late May or early June 2022 to 54 months in federal prison for defrauding about 15 older clients, mostly Filipino immigrants, Financial Advisor magazine reported [2]. U.S. District Judge Manish Shah ordered her to pay $3.14 million in restitution, the report said.

How the scheme worked

According to prosecutors and court documents described by Financial Advisor [1] [2]:

1. A trusted community figure: Zamoras, a Philippine native, owned First Fidelity Financial Group LLC, JQH Ventures LLC and Cornerstone Home Solutions in Niles and presented herself as a retirement-planning specialist. She targeted Filipino immigrants, primarily older women who were retired or near retirement.
2. "Safe" investments: She said their money would go into safe, low-risk, long-term investments and that they would not lose their savings.
3. Promissory notes: The SEC alleged she persuaded investors to move 401(k) money out of stable annuities into self-directed IRAs and buy her promissory notes paying 3.5% to 5% a year.
4. Where it went: She spent money on gambling and personal and business expenses and used new investors' money to pay earlier ones. Some victims borrowed against life insurance or from banks to invest with her.

The court document cited by Financial Advisor put the amount taken at about $3.92 million, with about $778,000 paid back, for a loss of about $3.14 million.

The person sentenced

Lucita Zamoras, 58 at sentencing, of Niles, Ill. [2]

• SEC case (April 2017): the SEC filed a civil complaint alleging she misappropriated investor funds [3].
• Charge (Oct. 10, 2018): one count of mail fraud, filed by criminal information [1].
• Plea (May 2019): pleaded guilty.
• Sentence (late May or early June 2022): 54 months in prison and $3.14 million in restitution, imposed by Judge Shah at a video hearing, according to Financial Advisor.
• Investigation: U.S. Postal Inspection Service, the Labor Department's Employee Benefits Security Administration and the Illinois Securities Department, with help from the SEC.

Red flags

• An adviser urging you to move a 401(k) out of an annuity into a self-directed IRA that buys her own notes.
• "You won't lose your savings" promises from someone selling unregistered products.
• Requests to borrow against your life insurance or home to invest.

What to do if you're targeted

1. Check registration at adviserinfo.sec.gov and with your state securities regulator.
2. Never buy promissory notes issued by your adviser's own company.
3. Report suspected fraud to the SEC at sec.gov/tcr or the National Elder Fraud Hotline at 1-833-372-8311.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Lucita Zamoras, Niles, Ill.	N.D. Ill. (Judge Shah)	Charged Oct. 10, 2018; pleaded guilty May 2019; sentenced late May/early June 2022 to 54 months; $3.14M restitution	[1]-[3]

We have not found a source on any proceedings after 2022.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "North Suburban Financial Adviser Charged with Fraud for Allegedly Swindling $2.5 Million from Elderly Clients," Oct. 10, 2018. https://www.justice.gov/usao-ndil/pr/north-suburban-financial-adviser-charged-fraud-allegedly-swindling-25-million-elderly
2. Jacqueline Sergeant, "Illinois Financial Advisor Gets 54 Months In Prison For $3M Scam," Financial Advisor, June 6, 2022. https://www.fa-mag.com/news/illinois-financial-advisor-gets-54-months-in-prison-for--3m-scam-68194.html?print=
3. U.S. Securities and Exchange Commission, Litigation Release No. 23798, "Lucita A. Zamoras." https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23798

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