News and Press Releases

Columbia, Illinois Minister Sentenced for Violating Federal Securities Law

August 31, 2012

Jeremiah D. Jacob, 32, of Columbia, Il. was sentenced for violating federal securities law by failing to register a security before selling it the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced today. Jacob received a sentence of fourteen [14] months incarceration, three years’ supervised release, and was ordered to pay restitution totaling $241,630.95.

Jeremiah D. Jacob, a local minister from Columbia, Illinois, solicited investors to invest to purchase a gold mine in the Yukon area of Canada. Jacob represented to one of the investors that the investment would receive a 15% return per annum, for each year, with no losses on the initial capital and that the funds would be invested “into tangible business interests including revenue producing mining projects.” In reliance on the representations and promises of Jacob, the investor invested $200,000 with Jacob, d/b/a Liberty Finance. Jacob did not use the funds for the represented purpose but used the money for personal and church expenses. In selling and offering for sale the security, Jeremiah D. Jacob made use of the United States Postal Service and email communications in interstate commerce. Jeremiah D. Jacob, d/b/a Tsalach Energy and Mining Group, Inc., of Columbia, Il., entered into an agreement for the purchase of Anderson Creek Mine assets in the Yukon area in Alaska for a total purchase price of $6,750,000. Jeremiah D. Jacob had made a non-refundable deposit of investor and personal funds totaling $1.215 million.

The investigation was conducted by the Illinois Securities Department, the U.S. Postal Inspection Service and the Internal Revenue Service/Criminal Investigations. The prosecution was handled by Assistant United States Attorney Norman Smith.

People who believe they have been a victim of securities fraud should contact the Illinois Securities Department at 1-800-628-7937. If you suspect or know of an individual or company that is not complying with the tax laws, you may report this activity by contacting the local Internal Revenue Service/Criminal Investigation Office at (618) 622-2160 or by mailing information to: Internal Revenue Service, Fresno, CA 93888.











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