Ponzi Scheme Kingpin Exposed: Jeremy Richard Lundin
In a shocking revelation, Jeremy Richard Lundin, 30, has been charged with operating a brazen Ponzi scheme that duped individual investors out of more than $1 million. The scheme, which ran from December 2014 until May 2017, was orchestrated by Lundin through his company Big Island Capital.
Lundin, who currently resides in Mound, Minnesota, claimed to conduct ‘options trading’ through Big Island Capital, promising exponential growth to his investors. However, the reality was far from it. Instead of using the funds for legitimate trading, Lundin squandered the money on his and his wife’s lavish lifestyle, including luxury automobiles, a boat, jewelry, and retail purchases.
According to the information, Lundin provided his victims with written materials and contract agreements, which he used to convince them to invest in Big Island Capital. The agreements promised returns of between 40% and 80%, but Lundin had no intention of delivering on these promises. In reality, he created phony account statements and fictitious quarterly statements to make his scheme appear legitimate.
The scheme began to unravel when investigators discovered that Lundin had deposited at least $992,000 into a business account between May 2015 and May 2017. Of this amount, he transferred $933,950 directly into his and his wife’s personal checking account, using the funds to finance their extravagant lifestyle.
Assistant United States Attorney Amber M. Brennan is prosecuting the case, which was the result of an investigation conducted by the Criminal Investigation Division of the IRS, Federal Bureau of Investigation, United States Postal Inspection Service, and Minnesota Department of Commerce Fraud Bureau.
Lundin faces charges of mail fraud and money laundering, with the former carrying a potential sentence of up to 20 years in prison. The case serves as a stark reminder of the devastating consequences of Ponzi schemes and the importance of due diligence when investing.
This article is based on information provided by the United States Attorney’s Office, District of Minnesota.
Key Facts
- State: Minnesota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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