Call Now For a Free Consultation:
(614) 502-6165

Indiana Man Sentenced for Taking Part in Jasen Snelling Ponzi Scheme

According to an article on the Cincy Biz Blog from the Business Courier, a co-conspirator from Brookville, Indiana, has now also been sentenced in the Jasen Snelling Ponzi scheme case. After pleading guilty in June 2012, 50-year-old Jerry Smith has been ordered to spend 65 months in prison and pay $5,400 to investors who lost money in the scam. Snelling was previously sentenced to 131 months in prison and $5,300 in restitution at a hearing in October of 2012.

According to information released about the alleged $8.9 million Ponzi scheme, both Snelling and Smith lured investors in through their fictitious day-trading companies Dunhill and CityFund. According to US Attorney Carter Stewart, “Consistent with a classic Ponzi scheme, early investors were paid interest or return of capital payments, which were not generated by investment earnings, but rather by monies solicited from later investors. These payments served to lull the victims into a false sense of security and to prevent or delay the discovery of the fraudulent investment scheme.”

In addition to admitting his role in the Ponzi scheme, Smith also allegedly admitted that he attempted to obstruct the Ponzi scheme investigation by giving agents fake documents. Smith was also ordered to pay $72,000 to the IRS for tax evasion related to the handling of investors’ cash in the Ponzi scheme.

If you have lost money in this Ponzi scheme or another investment scam, don’t hesitate to reach out for help. An experienced securities fraud lawyer with Meyer Wilson would be happy to address your questions and concerns today.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram