California Man Steals $300,000 from Bay Area Investors
The Jon Guay story is one of a wolf in sheep's clothing. Guay, who recently pleaded no contest to fraud and grand theft, was accused of befriended a group of people in California's Bay Area, compelling them to invest in funds that he recommended. This man went to great lengths to put himself in a position of trust so he could steal money from his victims, even attending the family's Christmas dinner.
Guay also used religion to build trust, and unfortunately, it worked. "His story was, he was a good Christian and therefore I should trust him," said one of the victims. Guay frequently quoted Bible verses and often used Scripture to get his victims to invest.
"He used the parable from the Bible about the master with the three men working for him. He said God wants you to earn interest," said another victim.
Guay was getting his victims to invest with a fund that he called Blake Financial Services. Since he had worked so hard and so long to build a relationship of trust, the victims handed over their money without hesitation. As it turned out, Blake Financial Services did not exist.
Alameda District Attorney Nancy O'Malley expressed her confusion at how a seemingly legitimate broker can turn into a scam artist. She charged him with investment fraud, alleging theft of more than $300,000.
Even more than the disappointment of losing thousands of dollars, the victims were shocked and emotionally affected by the turn of events.
Alameda prosecutors were able to recover some of the money and return it, and Guay has been ordered to pay back the rest.
Before you invest your hard-earned money, the investment loss lawyers at Meyer Wilson encourage you to research your investment and your broker. One way to do this is by using FINRA's broker check tool. If you have lost a substantial amount of money due to stockbroker fraud, contact our firm today.