State Police say dozens of people in Virginia and other states who thought they were making big returns by investing with a Rhode Island woman instead became the victims of a scheme to embezzle $7.3 million.

Elizabeth Baldwin was charged this week with three felonies: embezzlement, obtaining money under false pretenses, and fraudulent use of a computer.

She and her lawyer did not immediately return phone calls seeking comment.

Police say Baldwin described herself to investors as a day trader and said she ran a firm called "The Newportant Group." They say she e-mailed monthly statements to clients that showed gains nearly every month. In fact, her investments resulted in losses.

Police say the money she didn't lose was spent on personal items like a 65-foot yacht and trips abroad, or to pay back other investors.