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Defiant Fall River Mayor Jasiel Correia II Arrested in $363,690 Investment Scam
BOSTON, Massachusetts – In a shocking turn of events, Fall River Mayor Jasiel F. Correia II, 26, was arrested this morning and charged with wire and tax fraud in connection with a multi-year investment fraud scheme.
Correia, the mayor of Fall River, Massachusetts, was indicted on nine counts of wire fraud and four counts of filing false tax returns. He will appear in federal court in Boston this afternoon.
According to the indictment, Correia founded SnoOwl, an app designed to connect local businesses with their target consumer market, in 2012. In approximately January 2013, he began seeking investors who were willing to provide investment money for SnoOwl in return for equity in the company.
However, rather than using the investment funds to develop the app as Correia certified in signed agreements with investors, it is alleged that he used at least $231,447 – approximately 64% of the money invested – to fund his own lavish lifestyle, burgeoning political career, and other business ventures.
Specifically, the indictment alleges that Correia used the investment funds to purchase tens of thousands of dollars of luxury items, including a Mercedes, jewelry, and designer clothing; to pay for personal travel and entertainment, including tens of thousands of dollars on airfare, hotels, restaurants, casinos, and adult entertainment; to pay down personal student loan debt; to fund his political campaign; and to make charitable donations in his own name.
Correia concealed the theft of funds from investors by providing false positive updates on SnoOwl’s status and refusing to provide the company’s financial records, which would have revealed his fraud. In addition, Correia concealed his ill-gotten gains from the IRS when filing his 2013 and 2014 individual tax returns.
The charge of wire fraud provides for a sentence of no greater than 20 years in prison, up to three years of supervised release, a fine of up to twice the loss involved and restitution. The charge of filing false tax returns provides for a sentence of no greater than three years in prison, one year of supervised release and a fine of $250,000 or twice the gross gain or loss.
Correia’s actions have left the people of Fall River stunned and outraged. ‘This is a betrayal of the public trust,’ said one resident. ‘We expect our elected officials to act with integrity and honesty.’
The FBI, IRS, and HUD are leading the investigation into Correia’s scheme. ‘This case is a striking example of the corrupting influence of power and greed,’ said US Attorney Andrew E. Lelling. ‘We will continue to hold public officials accountable for their actions.’
Key Facts
- State: Massachusetts
- Category: Public Corruption|White Collar Crime
- Source: DOJ Press Release â†â€â€
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