Cedar Rapids Man Sentenced to 18 Months’ Imprisonment for Wire Fraud
For Immediate Release
U.S. Attorney's Office, Northern District of Iowa
Man defrauded his neighbors for nearly five years and for $124,524.57
The former treasurer of a homeowner’s association who defrauded his neighbors out of $124,524.57 was sentenced October 31, 2019, to 18 months in federal prison.
Wayne P. Jones, age 55, from Cedar Rapids, Iowa, received the prison term after he pled guilty to one count of wire fraud. In a plea agreement, Jones admitted that in November 2011, shortly after becoming the treasurer of his homeowners’ association, he opened a new bank account where he had sole access. Jones then deposited member dues and other income into the new account, and used the funds for his own purposes. Jones concealed his fraud by under reporting deposits and disbursements to the homeowners association.
Jones was sentenced in Cedar Rapids by United States District Court Judge C.J. Williams. Jones was sentenced to 18 months’ imprisonment and was ordered to make $124,524.57 in restitution to the home owners association. He must also pay a fine of $7,500 and serve a three-year term of supervised release after the prison term. There is no parole in the federal system.
Jones was released on the bond previously set and is to surrender to the United States Marshal on November 14, 2019. The case was prosecuted by Assistant United States Attorney Matthew J. Cole and investigated by the Federal Bureau of Investigation. Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl. The case file number is 19-CR-4.
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Updated November 1, 2019