United States Attorney John L. Ratcliffe
Eastern District of Texas
FOR IMMEDIATE RELEASE CONTACT: KATHLEEN GOLDYNIA
TUESSDAY, APRIL 29, 2008 ACTING PUBLIC INFORMATION OFFICER
WWW.USDOJ.GOV/USAO/txe PHONE: (972) 509-1201
INVESTOR SENTENCED FOR WIRE FRAUD SCHEME
Ordered to pay over $1 million in Restitution
TEXARKANA, TX – United States Attorney John L. Ratcliffe announced today that a 48-year-old Texarkana, Texas man has been sentenced to 78 months in federal prison for wire fraud in the Eastern District of Texas.
MARK WAYNE JASTER was indicted on April 3, 2007 and charged with defrauding investors through a wire fraud scheme. He pleaded guilty to that charge on August 29, 2007 and was sentenced today to 78 months in federal prison by United States District Judge David Folsom. Jaster was also ordered to pay restitution in the amount of $1,134,623.30.
According to information presented in court, between 2002 and 2005, Jaster represented to investors that he was involved in the business of personal investment services. Jaster told those investors that he actively managed money through his InvestWise account at A.G. Edwards and Sons, Inc. in Texarkana, Texas. He claimed that through investing in various investments such as real estate, stocks, mutual funds, and pension funds, he achieved significant returns for his investors. Jaster had some investors deposit money directly into his Mark Jaster DBA InvestWise account at Hibernia Bank. However, instead of using the money for investments, he would use it for his own personal expenses. Jaster had other investors open accounts at A.G. Edwards for the purpose of depositing funds for investments. After gaining signatory authority over these accounts, Jaster would then transfer the funds to his InvestWise account at A.G. Edwards to be used for his personal expenses. During this time, Jaster would speak with the investors, advising them that their investments had grown significantly, and would send e-mails to the investors with false representations as to the status of their investments and legitimacy of the investments. None of the money Jaster received from investors was ever invested.
This case was investigated by the Federal Bureau of Investigation, the Texas State Securities Board, and prosecuted by Assistant United States Attorney Denise Simpson and Gregg Marchesasault.
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