Jeffrey Kelly Pleads Guilty to Investment Fraud Scheme
Jeffrey Kelly, a former Hilliard resident and Ohio stockbroker, pleaded guilty today to operating an investment fraud scheme that cheated approximately 15 investors out of more than $1.5 million.
According to court documents, Jeffrey G. Kelly, owner of Dublin, Ohio-based JG Kelly Financial Group, defrauded family members, friends, and acquaintances in a five-year-long investment scheme that cost investors $1,523,710.
Kelly promised investors he would invest their funds in an assortment of investment products, including stocks, REITs, and bonds. Instead of doing so, however, Kelly used the money for his personal and business expenses and to make Ponzi-style payments to earlier investors.
Kelly was indicted on 13 counts of wire fraud, three counts of mail fraud, and one count of interstate transportation of stolen securities in Dec. 2012. At today’s hearing, he pleaded guilty to one count of mail fraud and the transportation of stolen securities charge.
As part of his plea agreement, Kelly has agreed to pay restitution to the victims of his scheme. He also faces up to 20 years in prison.
In late 2011, a group of Ohio investors filed a FINRA claim against three firms that employed Kelly during the time he was operating the scheme. The investor group that filed the FINRA complaint was represented by the investment attorneys at Meyer Wilson Co., LPA. Investors said the FBI alerted them to the scheme.
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