Meyer Wilson | Investor Claims In the News
Oregon Man Blames Gambling Addiction for Ponzi Scheme
Posted on Nov 08, 2011
Jonathan Kendig, of Southeast Portland, has been sentenced to two years in prison followed by three years of supervision and must pay back over a million dollars that officials say was taken from investors in a classic Ponzi scheme.
Kendig was a senior loan officer during the period of 2004 to 2009 when the Ponzi scheme is alleged to have run. According to officials, Kendig took in a friend with the scam and wrecked the retirement savings of at least three senior investors. Kendig dealt in short-term loans for real estate owners, and he is said to have promised high returns.
Unfortunately, Kendig allegedly pocketed the money, and the purported loans were a lie. He did pay a small amount back to investors in order to keep up the appearance of legitimate interest.
Kendig apparently had a known gambling addiction, which led him to lose large amounts of cash. It is alleged that he started this Ponzi scheme to cover his gambling losses and continue to have cash to gamble with.
The FINRA lawyers with the Law Firm of Meyer Wilson represent victims of Ponzi schemes and other investment fraud in stockbroker mediation, arbitration, and litigation across the U.S. We have recovered millions of dollars in losses for our clients, and we look forward to speaking with you.
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