Order to Pay Nearly a Million in Restitution
Folsom Man Sentenced in Investment Fraud Scheme
SACRAMENTO, Calif. – Jason E. Mininger, 50, of Folsom, CA, was sentenced by United States District Judge Troy L. Nunley to 46 months in prison and ordered to pay $917,714 in restitution to the victims of the fraud, United States Attorney McGregor W. Scott announced.
According to court documents, Mininger was an investment broker and advisor in Folsom. Beginning in January 2014, and continuing until May 2017, Mininger misrepresented to his clients that he needed to use their previously invested funds as part of a new series of investments to be made or managed by Mininger.
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Used Sham Corp to Embezzle
In truth, Mininger, after depositing the clients’ funds into his own bank account, used the investors’ money on his personal expenses. Mininger caused at least $917,714 in losses to his clients. Mininger also created false investment account statements and used a sham corporation to conceal his embezzlement of his clients’ funds.
This case was the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Services-Criminal Investigations. Assistant United States Attorney Todd A. Pickles prosecuted the case.