Great Falls Man Sentenced for Real Estate Schemes
A Great Falls man has been sentenced to prison for his role in a real estate fraud and money laundering scheme that defrauded elderly persons of over $800,000.
Jay Nash, 50, pleaded guilty in May 2018 to wire fraud and money laundering charges.
Nash took advantage of elderly persons, widows, and friends, defrauding them and spending the money on boats, furniture, and his mother’s house, according to prosecutors.
One of the victims was a woman who entered into a promissory note with Nash, which was secured by a mortgage on her house. However, Nash never filed the mortgage with Cascade County and took out two loans totaling over $180,000 on the property without the victim’s knowledge.
Nash then sold the property and did not give the proceeds to the victim, instead wire transferring $246,763 to Mann Mortgage. He deposited $47,823, which represented the proceeds of the sale of the house after previous mortgages were paid.
The investigation found that Nash spent the victim’s money from the two mortgages and ultimate sale of the house on boats, furniture, his mother’s house, and other unrelated living expenses. None of the expenditures was approved by the victim.
Nash was sentenced to three and one-half years in prison and to three years of supervised release. He was also ordered to pay $842,729 in restitution.
The case was investigated by the FBI and IRS, with U.S. Attorney Ryan Weldon prosecuting the case.
Mandatory Facts
Defendant: Jay Nash
Criminal Charges: Wire fraud and money laundering
City and State: Great Falls, Montana
Exact Date: May 2018 (plea), Tuesday (sentencing)
Sentence or Outcome: Three and one-half years in prison and three years of supervised release, $842,729 in restitution
Dollar Amounts: $842,729 in restitution, $246,763 wire transferred, $47,823 deposited
Key Facts
- State: Montana
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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