Folsom Man Pleads Guilty To Investment Fraud Scheme
SACRAMENTO, Calif. —Jason E. Mininger, 50, of Folsom, pleaded guilty today to wire fraud and money laundering, 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. 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 $870,000 in losses to his clients. Mininger also created false investment account statements to conceal his embezzlement of his clients’ funds.
This case was the product of an investigation by the Federal Bureau of Investigation and Internal Revenue Services-Criminal Investigations. Assistant United States Attorney Todd A. Pickles is prosecuting the case.
Mininger is scheduled to be sentenced by Judge Troy L. Nunley on May 31, 2018. Mininger faces a maximum statutory penalty of 20 years in prison on the wire fraud count and 10 years in prison on the money laundering charge. He also faces a fine or $250,000 or twice the gross loss or gross gain. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.