Thursday, April 30, 2015

Another Ponzi Schemer

By Greg Wright, 
Certified Fraud Examiner
Certified Financial Planner™

Earlier this month, Carmel financial advisor, Jaime Campos Lopez, age 40, was indicted on 66 counts including securities fraud and wire fraud.  According to the U. S. Attorney’s Office, Lopez induced investors into transferring their IRA funds to him which were used to purchase cars, pay his home mortgage and improve his home landscaping.  

Lopez had a securities license until 2009 when he set up an exhibitor booth at the Indiana Dental Convention without permission.  A complaint resulted in his being charged by securities regulators (FINRA) for providing inaccurate and misleading information to investigators.  He was fined and suspended from the securities business. 

A few months later, he started JCL & Company Inc using a UPS office as a mail drop.  On the JCL business webpage, he was self-described as the very definition of the American success story.” 

According to his JCL marketing materials, “After completing a successful tenure, he left (SmithBarney) and became Chairman and Chief Executive officer of JCL, a conglomerate holding company headquartered in Indianapolis, Indiana, United States, that overseas and manages a number of subsidiary companies.” (SIC) 

At the time of his indictment, Lopez did not have either an insurance or securities license.  According to the Indiana Department of Insurance, Lopez’s insurance license #743789 expired on December 31, 2012.  IDOI records show the same UPS mail drop used for his business address.

Records indicate that Lopez solicited hundreds of thousands of dollars telling investors he had reinvested the money by loaning it to outside businesses, purchased corporate bonds or invested in real estate.  He met many of his investors at church.  New funds were used to pay interest to old investors.  Hello, Mr. Ponzi.  

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