Former Carmel investor sentenced in fraud scheme
Over $300,000 swindled from unsuspecting investors
Indianapolis – United States Attorney Josh Minkler announced today that a former Carmel investor was sentenced in federal court to 57 months (nearly five years) imprisonment on 15 counts of wire fraud, one count of securities fraud and one count of money laundering. Jaime C. Lopez, 41, currently residing in Wabash Indiana, was sentenced by U. S. District Judge Tanya Walton Pratt. He was convicted in a four-day jury trial in January 2016.
“Stealing from retirement accounts to fund a lavish lifestyle is immoral as well as illegal,” said Minkler. “Mr. Lopez betrayed the trust of family and close friends by his deceitful actions. He will have nearly five years to think about his crimes in federal prison.”
Lopez was a financial advisor who conducted business from his home in Carmel. He created various business names, JCL Interest Plus, JCL Capital Inc. and JCL Directs (JCL Entities) to direct funds from the unsuspecting investors. From January 2010-until June 2012, Lopez convinced investors to transfer their Individual Retirement Accounts to self-directed accounts. Lopez would then transfer the money into JCL Entities under his control.
Lopez solicited hundreds of thousands of dollars telling investors he had reinvested the money by loaning it to outside businesses, purchasing corporate bonds and notes or investing in real estate. Additional funds were used by Lopez to pay interest on promissory notes issued to the investors. Later the investors were issued new promissory notes for a longer term of investment and at a much lower rate of interest. Lopez never invested the money as promised, rather spending the money on the purchase of automobiles, home mortgage payments and home landscaping.
This case was investigated by the Internal Revenue Service-Criminal Investigation and the Indiana Secretary of State, Securities Division.
Special Agent in Charge Stephen Boyd stated, “Today’s sentence sends a clear message that the business practices of Mr. Lopez will not be tolerated and that he will be held accountable. IRS Criminal Investigation and our law enforcement partners will continue to aggressively pursue the illegal business practices of Mr. Lopez and others who defraud and steal from honest, hardworking Americans.”
According to Assistant United States Attorney James M. Warden, who prosecuted this case for the government with Assistant United States Attorney Winfield Ong, Lopez will serve three years of supervised release after his sentence and must make restitution of approximately $300,000 to his victims. He was remanded immediately to the custody of the U.S. Marshal’s Service to begin his sentence.