Hi Janice,Another one of my retail biz customers from corrupt luzerne/lackawanna county goes down.
Large Type Print This Story E-mail This Story Save This Story Posted: May 22
Updated: Today at 9:54 AM
Former radio host charged with fraud
Jamie P. Lake, owner of JPL Financial in Kingston, allegedly scammed clients.
By Sheena Delazio sdelazio@timesleader.com
Staff Writer
A former radio talk show host and owner of a Kingston-based financial advisory business was charged Thursday with federal mail fraud .
U.S. Attorney Martin C. Carlson said Thursday Jamie P. Lake, 35, of Scranton, was charged for his role in a $600,000 investment fraud scheme allegedly perpetuated against 33 clients of his financial business, JPL Financial.
Carlson said Lake advertised JPL through a weekly radio talk show he co-hosted titled “Money-in-Motion” and through one-minute daily spots called “It’s Your Money” that were widely broadcast in Northeastern Pennsylvania.
The investigation was conducted by the United States Postal Inspection Service and is being prosecuted by Assistant U.S. Attorney Bruce Brandler.
Carlson said Lake has agreed to plead guilty to the mail fraud charges, stemming from activities between December 2006 and March 2009.
If the plea is accepted by a judge Lake faces up to 20 years in prison, fines up to $1.2 million and other mandatory costs.
In April, the U.S. Secret Service confirmed it was conducting an investigation of the company, after receiving three to five complaints regarding financial matters.
An agent said in April they were speaking to a person of interest, but would not release any other information at the time.
Carlson said Lake allegedly defrauded customers by soliciting them to invest money under false pretenses by “failing to invest money as promised and by misappropriating and converting the money to his own use.”
Lake allegedly promised 17 customers that he would purchase fixed-annuity insurance contracts on their behalf, and collected $421,700.
Carlson said Lake did not purchase the contracts and prepared false documents to conceal the theft.
Carlson said Lake used the money for personal and other expenses, and duped 13 other customers by promising the purchases of real estate investment trusts at discounted rates, collecting an additional $154,000.
Carlson said Lake also didn’t purchase the real estate investment trusts and used the money for his own personal expenses.
Another four customers alleged Lake defrauded them by promising to purchase stocks or to make additional investments in existing accounts and collected $27,800, which he later used for himself.
