In January of this year, we posted a blog regarding former Edward Jones financial advisor Jason Cox who was accused of stealing money from an elderly woman. Prosecutors accused Cox of taking $160,000 from a client’s fund, which he initially set up for the client’s developmentally disabled daughter. Cox’s client wanted to set up a fund for his daughter before he died so that the woman would be taken care of and could live comfortably. The client trusted Cox with managing the funds; however, Cox allegedly took the money from the disabled daughter’s account for his own personal use.
On July 8, 2015, Cox pleaded guilty to one count of wire fraud, two counts of mail fraud, and two counts of money laundering in July. Earlier this month, he was sentenced for his crimes. He was ordered to spend five years in prison followed by three years of supervised release. He was also ordered to pay restitution to his victims in the amount of $412,252.
Court documents stated that Cox used his financial advisor position to defraud multiple investors, including the disabled adult. In the case of the disabled adult, Cox took small amounts over the course of three months to allegedly avoid reporting requirements. When multiple checks were written to Cox, officials became suspicious of the activity and federal investigators became involved.
There were at least two other victims who accused Cox of defrauding them. One was a man who accused Cox of asking him to transfer money from his 401k account to invest about $60,000 with a guaranteed 10% rate of return. Cox was also accused of defrauding an elderly woman whose adult daughters were managing her finances.
If Jason Cox served as your advisor and you lost money, you may be able to take legal action. At Meyer Wilson, our investment fraud attorneys have helped countless clients recover losses after being defrauded. We would like to help you. Call today to schedule your free case evaluation and learn your options.