A former financial advisor from Maineville, Ohio, has been sentenced to prison for his role in an $8.6 million investment scheme.Investigators said John Jay Kersey, 65, was sentenced to five years in prison on Tuesday after pleading guilty to wire fraud last June.According to court documents, Kersey was a long-time financial advisor to friends and relatives. Investigators with the United States Attorney for the Southern District of Ohio’s office alleged Kersey convinced his clients to move their existing investments from his company to purportedly invest in other funds.With the funds, investigators said Kersey paid down credit card bills, paid insurance premiums and put a down payment on real estate.Investigators also alleged that he provided false documents to clients, while fabricating charts and graphs.Kersey was charged federally last June.
A former financial advisor from Maineville, Ohio, has been sentenced to prison for his role in an $8.6 million investment scheme.
Investigators said John Jay Kersey, 65, was sentenced to five years in prison on Tuesday after pleading guilty to wire fraud last June.
According to court documents, Kersey was a long-time financial advisor to friends and relatives.
Investigators with the United States Attorney for the Southern District of Ohio’s office alleged Kersey convinced his clients to move their existing investments from his company to purportedly invest in other funds.
With the funds, investigators said Kersey paid down credit card bills, paid insurance premiums and put a down payment on real estate.
Investigators also alleged that he provided false documents to clients, while fabricating charts and graphs.
Kersey was charged federally last June.