Businessman Pleads Guilty To Misappropriating Funds From Professional Athletes
Misappropriated Approximately $1.48 Million from NFL Players and Others
GREENSBORO, N.C. B A Florida businessman who provided financial services to professional athletes pleaded guilty today to conspiracy to commit wire fraud and money laundering, announced United States Attorney Matthew G.T. Martin of the Middle District of North Carolina.
Jason Christopher JERNIGAN, age 43, a resident of Miramar, Florida, pleaded guilty to one count of conspiracy to commit wire fraud and money laundering.
According to court documents, JERNIGAN, along with his business partner Michael Rowan, operated Capital Management Wealth Advisors, Inc. (“CMG”) and APS Management, LLC (“APS”) in High Point, North Carolina. Through CMG and APS, JERNIGAN and Rowan provided financial and investment services to professional athletes, including players in the National Football League. From 2008 through 2014, JERNIGAN used his access to his clients’ bank accounts to convert and misappropriate approximately $1.48 million.
JERNIGAN’s business partner, Michael Rowan, was sentenced in April 2017 to 65 months in prison for wire fraud and filing a false 2011 tax return.
Sentencing is scheduled for June 1, 2018, at 2 p.m. in Greensboro. JERNIGAN faces a statutory maximum sentence of 5 years in prison. He also faces monetary penalties, supervised release, and restitution.
U.S. Attorney Martin commended special agents of IRS-Criminal Investigation and US Postal Inspection Service, who investigated the case, and Assistant United States Attorney Frank Chut and Trial Attorney Mara Strier of the Tax Division, who prosecuted this case.