Pa. financial advisor says he was ‘so full of himself,’ gets jail term
A Scranton, Pa., financial advisor, who co-hosted a weekly radio program called “Money In Motion,” was sentenced to 45 months in prison after telling a federal judge that he was “so full of himself,” he thought he could earn back the money he was taking from clients starting in 2006.
Jamie Lake, 36, took more than $600,000 over three years, until clients began to question his actions and notified his brokerage, Questar Capital Corp., a Minnesota-based securities broker-dealer, in March 2009, according to the Times Leader newspaper in Wilkes-Barre, Pa.
He was charged in May 2009 with one count of mail fraud in connection with his efforts to defraud more than 30 clients, according to the U.S. Attorney’s Office.
Prosecutors accused Lake, owner of JPL Financial in Kingston, Pa., with taking money that he said he was going to use to buy fixed annuities, stock or other financial instruments. Instead, he took the money, disguising his actions by creating false documents, including annual statements.
Questar, with whom Lake was a registered representative, reimbursed the more than $600,000 investors lost, according to the report.
U.S. District Judge Edwin Kosik ordered Lake to reimburse Questar a total of $579,500.
Lake, speaking to Kosik, apologized his victims, saying he took the money to live beyond his means and that he believed his financial prowess would enable him to return it, the newspaper reported.


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