kC man pleads guilty to $3.7 million wire fraud scheme
KANSAS CITY, Mo. – David M. Ketchmark, Acting United States Attorney for the Western District of Missouri, announced that a Kansas City, Mo., man pleaded guilty in federal court today to a $3.7 million wire fraud scheme.
Donavan Lee Jones, 35, of Kansas City, pleaded guilty before U.S. District Judge Greg Kays to the charge contained in an April 4, 2011, federal indictment.
By pleading guilty today, Jones admitted that he engaged in a fraud scheme by soliciting and receiving funds from investors based on material misrepresentations. Jones promised to provide loan financing to land developers after they paid him advance fees, but his victims did not receive the loans they were promised and did not receive refunds.
Jones had several investment companies, including Twin Financial Solutions, LLC; Twin Capital Partners; Twin Companies; Twin Development, LLC; and Legacy Investment Partners, Inc. A Web site for Twin stated the company is a direct lender of funds with offices in Kansas City, Mo., and Belgium. The Web site falsely claimed that, as of 2008, the company was processing over $25 billion worth of loan transactions.
Under federal statutes, Jones is subject to a sentence of up to 20 years in federal prison without parole, plus a fine up to $250,000. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.
This case is being prosecuted by Assistant U.S. Attorney Roseann Ketchmark. It was investigated by the FBI.