OH Grand Jury Charges Former Investment Advisor Jeff Kelly For Ponzi Scheme After FL Arrest
Ohio Grand Jury Charges Jeff Kelly with Orchestrating Ponzi Scheme Defrauding Ohioans from More Than $1.5 Million
A former Hilliard investment advisor has been arrested in Florida for allegedly orchestrating a Ponzi scheme that defrauded approximately 15 people, many of central Ohio, out of more than $1.5 million. A grand jury in Columbus issued the 17-count indictment against him last week.
According to the indictment, Jeffrey Kelly operated a Ponzi scheme from 2006 until 2011 out of two Dublin offices, one Columbus office, and a fourth unidentified office.
Authorities allege that he solicited investments in two funds, Superior Financial Resources and J.G. Kelly Equities Group, which he said he owned and operated.
He allegedly told investors that he would be investing their funds in an assortment of financial products. Instead of doing as he promised, however, Kelly allegedly pocketed the investors’ funds, and spent the money on personal and business expenses and to make Ponzi-style payments to earlier investors.
Kelly has been charged with 13 counts of wire fraud, three counts of mail fraud, and one count of interstate transportation of stolen securities.If convicted, he faces up to 20 years in prison on each fraud charge and up to 10 years in prison for the stolen-securities charge.
Meyer Wilson is currently representing Ohio investors harmed by Jeff Kelly in a FINRA arbitration claim against the brokerage firms were Kelly worked. If you suffered losses as a result of Kelly’s actions, please contact one of our investment fraud attorneys today to discuss your options for recovery.
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To schedule a free consultation with an experienced Ohio investment fraud attorney, please call us today. We also invite you to read our FREE book for more information about your rights and potential recovery: Five Signs of Investment Fraud... And What to Do if it's Happened to You.