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Cincinnati Man Sentenced to 100 Months in Prison for $8.7 Million Ponzi Scheme
CINCINNATI, OHIO – John R. Bullar, 53, of Cincinnati, Ohio, was sentenced to 100 months in prison for running a $8.7 million Ponzi scheme that spanned 10 years.
Bullar, who was the sole owner and operator of Executive Management Advisors, LLC, and Priapus Group, LLC, pleaded guilty to wire fraud and money laundering charges on September 23, 2014.
According to court documents, Bullar devised a scheme to defraud investors by soliciting millions of dollars under false pretenses, failing to invest investors’ funds as promised, and misappropriating and converting investors’ funds for his own benefit without the knowledge or authorization of the investors.
The majority of Bullar’s investors were friends, family members, and fellow church members. He told them that he had invested their money in precious metals, gold, silver, bonds, and foreign currency and that he made money based on the volatility of the market, regardless of whether the market was up or down.
Bullar was also ordered to forfeit $535,408.68 and pay approximately $6.2 million in restitution to the victims. He will serve three years of supervised release after his prison term.
U.S. District Judge Michael R. Barrett handed down the sentence. The case was announced by U.S. Attorney for the Southern District of Ohio Carter M. Stewart, Internal Revenue Service Criminal Investigation Special Agent in Charge Kathy A. Enstrom, Ohio Attorney General Mike DeWine, Ohio Department of Commerce Division of Securities Commissioner Andrea Seidt, and Hamilton County Prosecuting Attorney Joseph T. Deters.
Bullar’s scheme caused investors to pay taxes on fictitious earnings, with Forms 1099 being issued to investors for tax purposes, which reported the fictitious gains. The majority of the $8.7 million collected from investors was never invested at all, with only $580,500.00 being sent to brokers for trading, resulting in losses.
Bullar’s Ponzi scheme was uncovered after a decade of operation, with the majority of his victims being friends, family members, and fellow church members who trusted him with their investments.
Bullar’s sentencing brings an end to a long and complex investigation into his financial crimes.
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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