Jay Costa Kelter, 49, of Alpharetta, Georgia, stood before a federal judge in Nashville on May 7, 2019, and admitted to stealing over $1.4 million from an elderly woman in Brentwood, Tennessee. The self-styled investment representative pleaded guilty to wire fraud and securities fraud, capping a two-year scheme built on deception, impersonation, and brazen theft.
Between March 2014 and August 2016, Kelter systematically stripped the victim’s accounts, convincing her to transfer her life savings from a private investment firm to a discount brokerage he could exploit. Once in control, he used his access to sell off securities and funnel the proceeds into a pass-through company he secretly owned, all while hiding his financial stake in the transactions.
On multiple occasions, Kelter forged the woman’s trust, even impersonating her during a broker call to confirm a trade—shoving his voice into the role of a trusting client. When the victim finally questioned the withdrawals, Kelter lied, refusing to disclose his ownership of the shell company. Only under pressure did he admit to directing more than a million dollars into his own pocket.
The stolen funds weren’t just reinvested—they were burned. Kelter splurged on luxury cars, custom jewelry, lavish vacations, and used chunks of the haul to cover losses owed to other investors. The elderly woman, left financially gutted, became collateral damage in a house-of-cards scheme designed to keep Kelter afloat.
Now facing a maximum of 20 years in federal prison and a $5 million fine, Kelter will be sentenced on August 28, 2019. His plea marks the end of a fraud investigation led by the Federal Bureau of Investigation and the U.S. Securities and Exchange Commission—agencies that rarely back down from predators who target the elderly.
Assistant U.S. Attorney Stephanie N. Toussaint and Department of Justice Trial Attorney Andrew R. Tyler are prosecuting the case. The message from federal authorities is clear: stealing from seniors under the guise of financial guidance carries a heavy price—one Kelter is now forced to pay.
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Key Facts
- State: Tennessee
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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