TERRE HAUTE, Ind. (WTHI) - Jason Severs of Terre Haute was sentenced to 25 years in prison for an investment scam totaling more than $1.3 million.
Officials report he swindled 30 investors including his mother and his uncle in a Ponzi scheme.
“This case is particularly devastating because Severs went after his own family,” said Secretary Lawson. “While bank records show he stole $1.3 million, we believe more than $3 million was actually taken from his victims.”
Severs offered the opportunity for his investors to invest in overseas businesses and promised a 15 percent return on each investment.
Officials report the scam began to fail when investors didn’t receive the money they were promised.
According to court documents, Severs would tell the investors his company was located in Israel. He would say it was a collection of businesses involved with everything from construction to diamond cutting.
Prosecutor Modesitt filed a record number of 95 charges against Severs in August of 2011.
In May of 2013, Severs plead guilty to securities fraud involving a person over the age of 60, selling unregistered securities and failing to register as a securities professional.
The judge called this case one of the most outrageous cases he's ever had before him.
The Chief Deputy Prosecutor says this is the largest investment fraud case in Vigo County in the past 15 years.
'We have people who were planning on the money stolen to be their retirement savings, to pay for their medical treatment for different disabilities. And unfortunately, now because of being victims of Mr. Severs, that money is gone. We encourage people to be vigilant. To be cautious,” said Rob Roberts, Vigo County Chief Deputy Prosecutor.
Severs says he will appeal this sentence.
For information on how to avoid becoming a victim of investment fraud visit their website.
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