A 50-year-old Folsom investment broker and adviser has pleaded guilty to wire fraud and money laundering in an investment fraud scheme.
Jason E. Mininger entered the plea Thursday in federal court in Sacramento, according to a U.S. Attorney’s Office news release.
From January 2014 to May 2017, Mininger led clients to believe that he needed to use their previously invested funds as part of a new series of investments that he would make or manage. Instead, Mininger deposted the funds into his own bank account and used the investors’ money for his personal expenses, resulting in at least $870,000 in losses to his clients, the news release said.
Mininger also created false investment account statements to conceal his embezzlement of his clients’ funds.
Mininger is to be sentenced May 31 by U.S. District Judge Troy L. Nunley.
The case resulted from an investigation by the FBI and Internal Revenue Service-Criminal Investigation.