Financial Adviser Admits To Role In $11M Ponzi

Law360, New York (April 13, 2010, 3:13 PM EDT) -- A former adviser at failed Tennessee financial services company J.C. Reed & Co. has pled guilty to swindling investors, mostly the elderly, in a more than $11 million Ponzi scheme.

Barron A. Mathis, former vice president and portfolio manager at J.C. Reed, pled guilty to four counts of wire fraud on Monday in the U.S. District Court for the Middle District of Tennessee.

He'll likely have to pay more than $1.5 million in restitution and faces between six and a half and eight years in prison,...
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