Man Owns Up To Over $8 Million Fraud
WACO, Texas (AP) — A ex-financial planner in Central Texas faces up to 20 years in prison for running a Ponzi scheme and stealing nearly $8.4 million from clients.
Charles D. Jones of Waco on Thursday pleaded guilty to wire fraud.
The 61-year-old owner of Charles D. Jones Capital Management Inc. remains free on bond pending sentencing later this year.
Prosecutors say the businessman's company provided fee-only personalized financial planning and investment management from 2005 to 2012.
Investigators say Jones used investment funds for his own personal benefit. He created false account statements and provided the bogus documents to clients to cover the scheme.