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Ohio Stockbroker Pleads Guilty to Investment Fraud Scam

Jeffrey Kelly Pleads Guilty to Investment Fraud Scheme

Jeffrey Kelly, a former Hilliard resident and Ohio stockbroker, pleaded guilty today to operating an investment fraud scheme that cheated approximately 15 investors out of more than $1.5 million.

According to court documents, Jeffrey G. Kelly, owner of Dublin, Ohio-based JG Kelly Financial Group, defrauded family members, friends, and acquaintances in a five-year-long investment scheme that cost investors $1,523,710.

Kelly promised investors he would invest their funds in an assortment of investment products, including stocks, REITs, and bonds. Instead of doing so, however, Kelly used the money for his personal and business expenses and to make Ponzi-style payments to earlier investors.

Kelly was indicted on 13 counts of wire fraud, three counts of mail fraud, and one count of interstate transportation of stolen securities in Dec. 2012. At today’s hearing, he pleaded guilty to one count of mail fraud and the transportation of stolen securities charge.

As part of his plea agreement, Kelly has agreed to pay restitution to the victims of his scheme. He also faces up to 20 years in prison.

In late 2011, a group of Ohio investors filed a FINRA claim against three firms that employed Kelly during the time he was operating the scheme. The investor group that filed the FINRA complaint was represented by the investment attorneys at Meyer Wilson Co., LPA. Investors said the FBI alerted them to the scheme.

About Our Law Firm:

Meyer Wilson is exclusively dedicated to individual investor claims and class actions. We have successfully represented investors throughout Ohio and the U.S. in securities arbitration, mediation, and litigation claims against the stockbrokers, brokerage firms and financial advisors. All of our cases are handled on a contingency fee and we do not request retainers of any kind.To schedule a free consultation with an experienced investment fraud attorney, please call us 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 .

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