(Lawrenceburg, Ind.) – He lived like a king for a few years off money others had given him thinking it was being invested.
Now, Jasen Snelling will live the life of a prisoner.
Snelling had earlier pleaded guilty in Dearborn Superior Court I to nine felonies including three counts of Securities Fraud (Class C felony) for running a Ponzi scheme. On Monday, Judge Jonathan Cleary sentenced him to eight years.
The Cincinnati resident and his business partner, Jerry Smith, of Brookville, sold unregistered securities and used victims’ funds for personal expenses instead of investments.
Snelling and Smith worked under the company names CityFund Advisories and Dunhill Investments. Three Dearborn County victims made investments with the companies totaling more than $400,000.
Snelling has also pleaded guilty in Franklin County and has a federal case pending in Ohio. His Franklin County sentencing is scheduled for July 10. Smith pleaded guilty in federal court earlier this month.
The Indiana Secretary of State’s Prosecution Assistance Unit helped lead the investigation into the Dearborn and Franklin county charges against the duo.
“Hoosiers can take steps to protect themselves from securities fraud by researching the investment and the broker,” said Secretary of State Connie Lawson. “Indiana investors can learn about a person’s work history, licensing status and any disciplinary actions on our website www.IndianaInvestmentWatch.com.”
“This conviction would not have been possible without Dearborn/Ohio County Prosecutor Aaron Negengard,” said Chris Naylor, Indiana Securities Commissioner. “Prosecutor Negangard and his staff worked hard on behalf of victims to make sure Snelling would be held accountable, and I applaud their efforts.”
For more information on how to avoid becoming a victim of investment fraud, visit www.IndianaInvestmentWatch.com.