Jeffrey J. Southard, 44, of Pittsgrove, New Jersey, was sentenced to 8 years in prison for operating an investment fraud scheme that bilked some 14 investors out of about $1.8 million. Southard was also ordered to pay $1.813 million in restitution and serve three years of supervised release upon release from prison. Southard pleaded guilty in June to mail fraud and signing a false tax return. Southard's investment fraud scheme was Ponzi-like, whereby he lured elderly investors in the area with promises of tax-free returns up to 11 percent of fraudulent bonds. According to the original complaint, Southard used investment funds to pay his mortgage, auto payments, private schooling for his five children, luxury vacations, cash withdrawals and numerous other personal expenses. Southard reportedly left American Express Financial Advisors under a cloud and then was hired by GunnAllen Financial in December 2003. He stayed with GunnAllen until July 2008 when he was being investigated by the firm for peddling fraudulent investments.
Read FraudTalk's earlier post on this story here.
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Typical low life con artist that preys on the innocent elderly. It's great to see justice being served. Congratulation's to the law enforcement personnel who brought this person in.
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