Fugitive in California Investment Scam Sentenced After Guilty Plea
Jason Corry, former president of United States Telegraph and Telephone
(UST&T), was recently sentenced to 18 months in federal prison for
his involvement in an alleged investment scam based in Calabasas, CA.
Additionally, Corry was ordered to pay restitution of $4.8 million and
will serve six months’ home detention. The sentencing hearing took
place on Monday, February 13th, in U.S. District Court in Los Angeles.
According to the FBI, Corry used his telecommunications company to defraud investors out of millions in 1997 and 1998. Corry allegedly told investors that they could put a minimum investment into UST&T in the limited time before the company’s initial public offering. Corry allegedly guaranteed that investors would see massive returns of up to 25 times their investments with dividends of around nine percent. Unfortunately, the FBI states that the promises were false. The investors’ cash instead was allegedly used to pay commissions to Corry and other employees of UST&T.
Although the investment fraud allegedly first took place in 1997, Corry apparently fled after the original charges came down in 1999. He was eventually arrested by the U.S. Marshals Service in June of 2011 and pleaded guilty to mail fraud in the case.
If you have been taken in by a stock scam, Ponzi scheme, or other form of financial fraud, speak with an experienced California securities fraud lawyer with Meyer Wilson. We have represented hundreds of investors nationwide in stockbroker mediation, arbitration, and litigation and helped them recover their investment losses. We look forward to speaking with you about your potential case.