A Sacramento man has been arrested for his alleged involvement in an $11
million Central Valley
Ponzi scheme. Christopher Jackson, 43, of Sacramento, faces wire fraud charges stemming
from an investment scam that bilked investors out of millions.
According to U.S. Attorney Benjamin Wagner, Mr. Jackson operated his alleged
Ponzi scheme between 2005 and 2009, using the corporate name Genesis Innovations.
Investors were under the impression that their money was going to be used
to invest in real estate and were supposedly promised a 14 percent annual
rate of return.
Court documents indicate that Mr. Jackson only used about $2.5 million
to invest in real estate. Mr. Jackson has been accused of using the rest
of the money to pay returns to older investors, as well as to support
his lavish lifestyle.
According to the complaint, Mr. Jackson purchased a BMW and leased a Lamborghini
and Range Rover. He has also been accused of frequenting high-end restaurants,
staying at luxury hotels and buying expensive jewelry.
Federal authorities arrested Mr. Jackson on Monday, November 15, 2010.
He was released later that day on pretrial conditions that preclude him
from selling investments of any kind.
The FBI has asked anyone who has invested with Mr. Jackson in the last
six months to contact them at (916) 481-9110.