Shakopee Man Sentenced in $3.1 Million Ponzi Scheme
MINNEAPOLIS (WJON News) -- A Shakopee man has been sentenced for his role in a $3.1 million, multi-state Ponzi scheme.
The U.S. Attorney’s Office says 59-year-old Jason Bullard was sentenced to just over four years in prison, followed by three years of supervised release, and ordered to pay $3.1 million in restitution.
Court records show between 2014 and 2021, Bullard and others working with him convinced nearly 100 individuals, entities, and trusts in several states including Minnesota to give funds to a foreign currency investment program he claimed to be running.
According to the documents, the money collected funded different entities controlled by Bullard as well as his and his family’s lifestyle.
Records show some of the money was paid back to investors to create the appearance of returns on their investments. According to court documents, Bullard also provided false reports and statements to his investors showing supposed account balances and activity to hide the scheme and convince them to invest more money.
Bullard pleaded guilty to one count of wire fraud back in April.
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Gallery Credit: Jacob Osborn, Nicole Caldwell