Shakopee Man Sentenced to Prison for $3.1 Million Ponzi Scheme
October 16, 2023
MINNEAPOLIS – A Shakopee man has been sentenced to 51 months in prison, three years of supervised release, and ordered to pay $3.1 million in restitution for operating a fraudulent investment scheme, announced United States Attorney Andrew M. Luger.
According to court documents and his guilty plea, between 2014 and 2021, Jason Dodd Bullard, 59, and others working at his direction solicited funds from individuals, entities, and trusts purportedly to invest in a foreign currency investment program. In reality, Bullard was operating a Ponzi scheme. The funds collected from investors over time were used to fund other entities owned or controlled by Bullard, which were not part of the purported investment plan, and to make payments back to investors to falsely portray the appearance of actual returns. Bullard also used investor funds to support his and his family’s lifestyle. Bullard lied to investors in reports and statements sent to investors that purposed to describe the balances and activity in investors’ accounts. These statements were meant to encourage further investment and to keep investors from learning the truth and to allow Bullard to continue the fraudulent scheme. In total, Bullard defrauded approximately 100 victims in several states, including Minnesota, out of $3,108,312.24 over the course of the scheme.
Bullard pleaded guilty on April 25, 2023, to one count of wire fraud. Bullard was sentenced yesterday in U.S. District Court before Judge Katherine M. Menendez.
This case is the result of an investigation conducted by the FBI.
Assistant U.S. Attorney Robert M. Lewis prosecuted the case.