WACO (October 19, 2009)—Julia Ann Schmidt, 68, of Whitney has been indicted on two counts of mail fraud in connection with what federal prosecutors described Monday as a large-scale Ponzi scheme.

A federal grand jury returned the indictment last week.

It alleges that from April 2007 to May 2009, Schmidt fraudulently represented herself as an agent for Fortis Investments, Acting U.S. Attorney John E. Murphy said.

She repeatedly solicited money from clients with a promise of about a 30 percent return on investments, Murphy said, and told clients that portions of the investments would involve the Texas Ranger Museum, Hillcrest Baptist Medical Center and the Waco Riverwalk project.

The indictment alleges that most if not all of the investors received neither the amount of their original investment nor any interest income, Murphy said.

Authorities think Schmidt defrauded her victims of more than $500,000, Murphy said.

Schmidt is now free on bond, Murphy said.

The FBI is investigating and Murphy said any investors who think they may have been victims of the alleged scheme should contact the bureau’s Waco office at (254) 772-1627.