A Folsom man who pleaded guilty to wire fraud and money laundering was sentenced Thursday for lying to his clients and embezzling their funds for more than three years.
Jason E. Mininger, 50, was an investment broker and adviser who told his clients that he needed to use their previously invested funds in a series of new investments, then proceeded to deposit their funds into his bank account for personal expenses, according to a news release issued by the U.S. Attorney’s Office for the Eastern District of California.
Mininger caused his clients at least $917,714 in losses between January 2014 and May 2017, and he also created false account statements and used a sham corporation to conceal the embezzlement, according to the release.
Mininger, who entered the plea in February, will serve 46 months in prison and pay $917,714 in restitution to his fraud victims, according to the release.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.