Search
Most Recent
AdSurfDaily Agape agent American Integrity Aronson asset sales Attorney av bar reg baker bank bank of america Bankruptcy baumann bermudez black diamond blackwell bridge loan bull cattle CD celebrity cftc charity china China Voice church cityfund claims claims process clawback commission commodities commodity pool computer program congress Crown Forex currency death sentence denver diamond bar disgorgement Distribution Dodd-Frank donnan Dreier dunhill e-bullion elderly E-M Management SEC england Fairfield family FBI FDIC Fees female ponzi scheme financial advisor fine FINRA football forex fraud fufta fugitive Full Tilt gift card guilty plea GunnAllen hawaii Heckscher HSBC india invers forex janvey John Morgan JP Morgan kansas ken bell kenzie las vegas lawsuit lawyer libya Lifland machado Madoff Marian Morgan metro dream homes mets milberg millers a game Morgan European Holdings mortgage multiple schemes NCAA Net Winner new jersey notes objection Oxford Patrick Kiley paul burks PermaPave Pettengill Petters Picard poker Ponzi ponzi scheme ponzi scheme database ponzi scheme list Prime Rate profitable sunrise prosun pta puerto rico Rakoff real estate receiver receivership regulation relief defendants religion remission repeat offender restitution Rothstein RRA sec sentencing simmons sipa sipc snelling standing stanford stettin subpoena td bank telexfree treasury bonds treasury strip Tremont Trevor Cook UBS UFTA uga utah venture advisors Wachovia wilpon wire fraud woman zeek zeek rewards zeekler zeekrewards
Social
Recent SEC Releases
« Florida Man Accused of $2.3 Million Ponzi Scheme | Main | Two Indicted In Mortgage Fraud Ponzi Scheme »
Tuesday
Aug232011

Woman Sentenced in $3 Million Ponzi Scheme

A California woman was sentenced to one year in jail for her role in a Ponzi scheme that bilked investors out of at least $3 million.  Gina McGee, 43, had entered an Alford Plea to charges of securities fraud and grand theft earlier this year.  An Alford Plea is a type of plea agreement in which the accused does not admit guilt but acknowledges that the weight of evidence brought by prosecutors is enough to succeed in court.  Because McGee received credit for time served before sentencing, she was released after the plea was approved by the sentencing judge.  McGee will remain under probation for the next eight years.

McGee, along with her husband Glenn K. Jackson, solicited victims to invest in an investment vehicle called Highlands Capital Partners, L.P.  Investors were under the assumption that their funds would be used to trade foreign currencies.  In total, Jackson and McGee received over $3 million from investors, including at least $2.4 million from 11 identified investors.  Nearly half of the money - $1.4 million - was never used to trade foreign currencies and was instead misappropriated by the pair.  Investors became wary when requests for partial or full distributions were refused during the financial downturn in 2008 and 2009.  McGee and Jackson were arrested in June 2010.

As part of her sentence, McGee is required to pay at least 25% of her future income towards restitution to defrauded victims.  Her husband, Jackson, is currently awaiting trial on more than forty counts of securities fraud, grand theft, and conspiracy.  

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>