SACRAMENTO, Calif. — Jason E. Mininger, 50, of Folsom, just admitted in federal court to running a three-year investment fraud scheme that bled at least $870,000 from trusting clients. The self-styled broker pleaded guilty today to wire fraud and money laundering, capping a federal investigation into how he used his position to line his own pockets while feeding clients lies.
According to court documents, Mininger, who held himself out as a licensed investment advisor, began the scam in January 2014. He told clients their existing funds were being rolled into new, high-yield investments under his management. In reality, after funneling the money into his personal bank accounts, he spent it on himself. No investments were made. The deception continued until May 2017, leaving a paper trail of financial ruin.
Mininger didn’t just steal—he covered his tracks. He generated fake account statements showing phantom growth, creating the illusion of legitimacy while siphoning cash for personal expenses. The fraud unraveled only after inconsistencies raised red flags, prompting scrutiny from federal investigators.
The case was jointly pursued by the Federal Bureau of Investigation and Internal Revenue Service-Criminal Investigations. Prosecutors say the dual probe uncovered not just the fraud, but the laundering of stolen funds through layered bank transactions designed to obscure their origin. Assistant United States Attorney Todd A. Pickles is handling the prosecution.
Mininger now faces the full weight of federal sentencing. He’s scheduled to appear before Judge Troy L. Nunley on May 31, 2018. On the wire fraud count alone, he could get up to 20 years in prison. The money laundering charge carries a 10-year maximum. He also risks a fine of $250,000 or double the gross loss—whichever is greater.
The court will weigh statutory factors and federal sentencing guidelines before handing down punishment. But one thing is already clear: Mininger’s role as a trusted advisor ended in betrayal, and the victims are left counting losses that exceed eight figures in emotional and financial toll.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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