You are here

Justice News

Department of Justice
U.S. Attorney’s Office
Western District of Texas

Wednesday, July 15, 2015

Waco Businessman Sentenced to Federal Prison for Ponzi Scheme

In Waco today, Charles D. Jones, 61-year-old owner of Charles D. Jones Capital Management, Inc. (CDJCM), was sentenced to six years in federal prison and ordered to pay $9,329,850.36 restitution for his role in a Ponzi scheme announced Acting United States Attorney Richard L. Durbin, Jr., U.S. Secret Service Special Agent in Charge Kathleen Hickman, Dallas Field Office, and Texas Department of Public Safety Director Steve McCraw.

On February 19, 2015, Jones pleaded guilty to one count of wire fraud.  According to court records, CDJCM provided fee-only personalized financial planning and investment management for individuals, trusts, foundations and retirement plans.  From 2005 to 2012, the defendant stole money and property from his victim clients and used the stolen proceeds for his own personal benefit.  To further perpetuate his Ponzi scheme, the defendant created false account statements and mailed or e-mailed them to his victim clients.  Jones also caused fraudulent tax returns to be filed in order to cover up his theft. 

This investigation was conducted by the United States Secret Service and the Texas Department of Public Safety Special Crimes Unit.  Assistant United States Attorney Greg Gloff prosecuted this case on behalf of the Government.

Financial Fraud
Updated July 15, 2015