Petrina Anne Eisenhauer, 40, will go to case conference on October 30.

Eisenhauer appeared in Armidale Local court on Wednesday, charged with publishing false or misleading material to obtain a financial advantage.

Detectives allege she was involved in falsifying a contract for the sale of an Armidale business.

The crime allegedly netted $4.38 million. She has not entered a plea.

Eisenhaur was arrested and charged after New England Police District detectives raided her home in April.

The arrest was part of Strike Force Amaranthus, a secret police sting by Armidale police that laid allegations against a second woman in July.

Sandra Henri Edmonds, 57, allegedly took part in an investment scam that ripped off more than $2.1 million from 20 people between 2014 and 2018.

Detectives allege Edmonds falsely represented an investment opportunity to victims, deceiving them into handing over sums of cash that she kept for herself.

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She faces 40 charges of dishonestly obtaining financial benefit by deception and has entered not guilty pleas. Edmonds was granted bail in August in the NSW Supreme Court.

In May, Strike Force Amaranthus detectives charged Eisenhauer as part of their investigations into the alleged fraud. The maximum penalty for obtaining financial benefit by deception is 10 years' imprisonment.

Eisenhauer will remain on bail until her case returns to Armidale Local Court in November.

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