Darcey Greenfield, 39, allegedly offered people investment securities without a license to sell securities in 2007 and 2008, police said. Victims had invested their life savings and were promised a high rate of return in a short amount of time, but they did not receive the money promised.
The money was allegedly used to help homeowners in foreclosure.
Greenfield was booked into the West Valley Detention Center in Rancho Cucamonga on Wednesday. Her bail was set at more than $1 million.
She faces felony charges of selling false securities, selling securities without a license and grand theft.