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Prosecutors seek to recover $300,000 from Sherri Papini for kidnapping hoax

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Sherri Papini, the woman who fabricated her own elaborate kidnapping and went to prison for mail fraud and lying to federal agents, still owes more than $300,000 in restitution, federal officials say.

Papini, 41, was ordered to pay $309,902 in restitution when she was sentenced to federal prison in September 2022, nearly six years after she staged her own kidnapping and kicked off a frantic search that made national headlines.

But as of March 22, federal officials say, Papini still owes nearly all of that money.

The U.S. Attorney’s Office for the Eastern District of California filed an application for writ of garnishment worth $340,221.23 against Papini, which includes a 10% litigation surcharge.

Also targeted in the writ is the law firm representing Papini in her divorce. The filing claims Papini has a “substantial nonexempt interest in property” that is in “the possession, custody, or control of” the law firm.

Sacramento-based attorney William Portanova, who represented Papini in her federal case, acknowledged during her September 2022 sentencing hearing that she was unlikely to be able to afford the payments.

“Sherri Papini was ordered to make full restitution as part of her case resolution before U.S. District Court Judge William B. Shubb, and Ms. Papini continues to honor her promise to do so,” Portanova wrote in an emailed statement. “The Court and the Government are fully aware of Ms. Papini’s current financial condition. Nothing has changed.”

Papini went missing from her Redding, Calif., home for 22 days in 2016, setting off search parties across rural Shasta County and desperate pleas for help by her then-husband, Keith Papini.

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Three weeks later, Papini reappeared on the side of a highway in Yolo County, bruised and emaciated, with her long blond hair sheared short and right shoulder branded.

Papini initially alleged she was kidnapped while out for a run by two Latinas at gunpoint and that they held her captive before letting her go.

Instead, Papini had gone south to Costa Mesa with an ex-boyfriend, holing up with him for several weeks while her family and community back home searched for her.

Papini maintained her story for years, even when the investigation into her kidnapping led law enforcement back to the ex-boyfriend. It all started to crumble in August 2020, when Papini was confronted by investigators in an interview and was warned that it was a crime to lie to federal officers.

Papini stuck with her story for another year and a half before federal authorities arrested the “super mom” in March 2022 and charged her with mail fraud and lying to authorities.

The ex-boyfriend had told investigators that Papini had injured herself and cut her own hair, and that he had helped her brand her shoulder with a wood-burning tool. After she said she missed home and her family, he drove her back up to the Redding area; she reappeared in Woodland, roughly 150 miles south, on Thanksgiving.

Papini pleaded guilty in April 2022 and was later sentenced to 18 months in prison and ordered to pay restitution “for losses incurred by the California Victim Compensation Board, the Social Security Administration, the Shasta County Sheriff’s Office, and the Federal Bureau of Investigation,” according to the U.S. attorney’s office.

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Papini had received $30,000 from the state’s victim compensation fund, which is money set aside for victims of crime and their families, and used it in part to pay for therapy sessions and window blinds. She was released from federal prison to community confinement six months early in August 2023.

“I’m so sorry to the many people who suffered because of me,” Papini said in court when she was sentenced. “I am guilty, your honor. I am guilty of lying, guilty of dishonor.”

Intellectuals Insider

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.