Jonathan Edward Mills, Wire Fraud, California 2014

Ex-CEO of Tech Firm Sentenced to 24 Months for Wire Fraud Scheme

A former San Francisco-based technology company CEO has been sentenced to 24 months in prison for his involvement in a wire fraud scheme that swindled investors out of nearly $600,000.

According to court documents, Jonathan Edward Mills, 30, made false representations to several individuals about the acquisition of his company, Motionloft, Inc.

Mills claimed that Motionloft was going to be acquired by a well-known Silicon Valley multinational corporation, which would have resulted in massive profits for the investors.

However, the fictitious acquisition never materialized, and Mills went on to spend a substantial amount of the investors’ money on personal expenses, including renting a private jet, a penthouse suite, and lavish vacations.

The scheme was uncovered through an investigation by the Federal Bureau of Investigation, with the assistance of Assistant U.S. Attorney Kim A. Berger.

U.S. Attorney Melinda Haag announced the sentencing, which was handed down by the Honorable Richard Seeborg, United States District Judge.

As part of his sentence, Mills was also ordered to pay $572,039 in restitution and was given a three-year term of supervised release.

Mills pleaded guilty to two counts of wire fraud in the plea agreement, which was filed on October 7, 2014.

The case serves as a reminder of the importance of due diligence when investing in start-up companies and the consequences of falling victim to a wire fraud scheme.

MORE FEDERAL CRIME NEWS

White Collar Crime

Gregory D. Ward, Money Laundering, Nevada 2000

Jan 15, 2000

White Collar Crime

John Pizzuto, Toxic Disposal, OH 1991

Feb 3, 1990

White Collar Crime

Tony McMillan, Tax Evasion, South Carolina 2015

Jan 20, 2016

White Collar Crime

Joel Hunsicker, Student Incentive Gift Card Theft, Pennsylvania 2018

Aug 2, 2018