Convicted Felon Sentenced To Prison For Defrauding Victim Of Her Life Savings While On Pretrial Release For Another Fraud Scheme
United States Attorney Erica H. MacDonald today announced that JAY DEAN LOW, 57, was sentenced to an above guideline sentence of 72 months in prison for wire fraud. LOW, who pleaded guilty on December 18, 2019, was sentenced yesterday before Judge Patrick J. Schiltz in U.S. District Court in Minneapolis, Minnesota.
According to the defendant’s guilty plea and documents filed in court, between September 2014 and April 2016, LOW devised and executed an investment scheme to defraud Victim A. After LOW made false representations about an investment opportunity, Victim A provided LOW with her life savings of approximately $266,000, believing the money was going to be invested in a pharmaceutical company. In reality, there was no investment opportunity, and LOW created authentic-looking documents that he periodically provided to Victim A in order to give his sham investment the appearance of legitimacy. Rather than invest as promised, LOW fraudulently misappropriated all of Victim A’s investment funds for his own personal use and benefit, including the purchase of a BMW, tuition payment for a family member, a $10,000 hot tub, jewelry, and other personal expenses. LOW committed this fraud scheme while he was on pretrial release after being charged in 2015 in a separate, unrelated $400,000 embezzlement case.
This case was the result of an investigation conducted by the FBI and the United States Postal Inspection Service.
Assistant U.S. Attorney Matthew S. Ebert prosecuted the case.
JAY DEAN LOW, 57
- Wire fraud, 1 count
- 72 months in prison
- Three years of supervised release
- $266,737 in restitution
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United States Attorney’s Office, District of Minnesota: (612) 664-5600