(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.