Elk Grove Man Indicted for Ponzi scheme Involving $11 Million
February 3, 2011
• Prosecutors say he swindled 75 people
• A Lamborghini and a Land Rover
Christopher Jackson, 43, of Elk Grove, has been indicted by a federal grand jury in Sacramento on six counts of wire fraud in a real estate investment Ponzi-style scheme.
The indictment alleges that Mr. Jackson operated a company, Genesis Innovations, that took in $11 million from more than 75 people to invest in real estate. In fact, he only invested about $2.5 million in real estate, says the government, with the rest of the money used to pay purported returns to other investors and for Mr. Jackson’s personal expenses, including his lease of a Lamborghini and a Land Rover, frequent dining at high-end restaurants, lodging at luxury hotels, purchase of expensive diamond jewelry, and substantial home improvements.
If he’s found guilty, he’s facing a maximum penalty of 20 years in prison and a $250,000 fine.