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November 15, 2012

Snelling sentenced to 40 years in prison for securities fraud

Rushville Republican

RUSHVILLE — An investigation by Indiana Secretary of State Connie Lawson’s office has led to Jasen M. Snelling of Cincinnati, Ohio receiving 40 years in prison for stealing from Hoosier investors. Snelling was convicted of securities fraud and theft and was sentenced for his crimes in Franklin County court this afternoon. Snelling sold unregistered securities and used victims’ funds for personal expenses instead of investments.

“Congratulations to Franklin County Prosecutor Mel Wilhelm on this tremendous victory,” said Secretary Lawson. “This sentencing showcases cooperation between state and local officials. Securities fraud is a serious crime and by working together we can root out more fraud and abuse and stop these schemes before investors lose millions.

“While we are pleased with today’s sentencing, we will continue to aggressively pursue this case in criminal courts, civil courts or administrative proceedings, if necessary, in order to hold all those accountable who contributed to the financial losses and deep sorrow of these victims.” 

Snelling sold unregistered securities in Dearborn and Franklin Counties under the company names CityFund Advisory and Dunhill Investments. Snelling was not registered to sell securities nor did he register the securities he sold as required by Indiana law.  Investors were convinced to trust Snelling with retirement accounts and investments. The scam resulted in investors losing over three million dollars. Snelling’s co-defendant, Jerry A. Smith of Brookville, Indiana has also been charged in Dearborn and Franklin Counties and is awaiting trial. The charges against Mr. Smith are merely accusations, and he is innocent of the charges unless and until proven guilty.

Snelling is currently serving 10 years in a federal penitentiary as a result of a plea deal he signed with the United States Attorney for the Southern District of Ohio.  He also received six years in prison after pleading guilty to securities fraud in Dearborn County.

For more information on how to avoid becoming a victim of investment fraud visit www.indianainvestmentwatch.com.

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