LONG BEACH MAN PLEADS GUILTY IN $33 MILLION PONZI THAT LURED INVESTORS WITH PROMISES OF PROFITS IN REAL ESTATE
Ahhhh another great headline. This one about a 33 year old guy by the name of Jon James who scammed as many as 50 people out of their savings and IRA’s in his get-rich-quick scheme.
See if this sounds familiar – James would often meet his marks face-to-face or at presentations hosted at restaurants. He’d promise them returns way better than those available elsewhere by investing in his real estate investment operation. He actually invested in a few properties but made absolutely no money – he paid off a few early investors with income from later investors and then used over $11 million for personal expenses including his wedding and a recording studio between 2003 and 2006.
Investigated by the FBI, James scheme has been prosecuted by the US Attorneys office. He is scheduled to be sentenced in May when he faces a statutory maximum of 20 years at Club Fed.
Keep the perp walk going folks. There’s plenty more where he came from. After all, there’s a sucker born every minute and 2 grifters to separate them from their money.