Half Of Alleged Ponzi Scheme Duo Pleads Guilty

Posted On May 23, 2012

(Brookville, Ind.) – A Cincinnati man has pleaded guilty to running a ponzi scheme in southeast Indiana.


Jason Snelling, 48, pleaded guilty to 25 felony counts of securities fraud and theft in Franklin Circuit Court II last week, the Brookville American-Democrat reports. There are five Class B felonies and 20 Class C felonies.


Snelling allegedly ran the scheme with Brookville resident Jerry Smith, duping 30 investors in Dearborn and Franklin counties out of $4.5 million between 2007 and 2010.  The two ran a business called CityFund.


No plea has been made yet by Smith, although his attorney was reported to be negotiating a plea agreement last month. Smith is slated for a July 18 jury trial in Franklin County.


Snelling will be sentenced July 10. According to Indiana sentencing guidelines, a Class B felony is punishable by up to 20 years in prison and a Class C felony allows for up to eight years.


Both men still face related charges in Dearborn County as well as the U.S. District Court of Southern Ohio.




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