Florida Man Sentenced for Federal Violations in East Texas Investment Fraud Scheme
SHERMAN, Texas – A 42-year-old Navarre, Florida man has been sentenced to federal prison for violations in the Eastern District of Texas, announced U.S. Attorney Stephen J. Cox and FBI Dallas Special Agent in Charge Matthew J. DeSarno today.
Ivan T. Navarro-Jusino pleaded guilty on Dec. 18, 2019, to three counts of wire fraud and was sentenced to 120 months in federal prison today by U.S. District Judge Amos L. Mazzant III. The defendant was also ordered to pay restitution in the amount of $482,000.
According to information presented in court, from August 2012 through May 2018, Navarro-Jusino lied to an individual in the Eastern District of Texas, telling him that Navarro-Jusino had a high-performing investment fund and could invest the victim’s money in that fund. Navarro-Jusino also represented to the victim that there were a limited number of investors, leading the victim to believe that the fund was both exclusive and profitable. The victim eventually gave the defendant over $500,000, his life savings, believing that the defendant would invest this money. Instead, the defendant spent the funds on personal expenses such as tickets to a professional football game, a trip to Puerto Rico, and personal items such as a vehicle, jewelry, electronics, a car stereo, and furniture. Additionally, Navarro-Jusino spent approximately $43,000 of the victim’s funds to repay loans that relatives had made and to purchase a local business, which ultimately failed. Following receipt of the funds Navarro-Jusino lied about the status of the money in several emails that he sent to the victim telling him his money had grown to over $800,000 while in the investment fund—which was entirely false. The victim of Navarro-Jusino's scheme lost $482,000.
“The U.S. Attorney's Office and the FBI are focused on rooting out fraud and financial crime targeting individuals such this victim, who trusted the defendant with his life's savings," said U.S. Attorney Stephen J. Cox. "We will prosecute these crimes vigorously and to the full extent of federal law."
“The FBI will continue to investigate businesses or individuals that use deceptive schemes to steal money from investors,” said FBI Dallas Special Agent in Charge Matthew J. DeSarno. “We urge the public to use caution when researching investment opportunities and to contact us immediately if they become a victim of financial fraud.”
This case was investigated by the Federal Bureau of Investigation’s Frisco Resident Agency of the Dallas Field Office and prosecuted by the U.S. Attorney’s Office in Plano.