A Las Vegas man is headed to prison after being sentenced in federal court in Sacramento for defrauding a South Lake Tahoe investor of $2.9 million.
U.S. District Judge Garland E. Burrell Jr. today sentenced Jed Baron, 55, to five years and three months in prison for wire fraud related to the investment scheme, according to a Department of Justice news release.
According to court documents, Baron made a series of false business proposals to a victim in the Lake Tahoe area, including investment in a venture to sell Irish seafood to restaurants in Las Vegas. Instead of using the victim's money for the intended purpose, Baron diverted the funds for personal use and to pay other investors from previous deals.
Baron forged a series of invoices and other documents to convince the victim that the investment was legitimate, authorities said. He also persuaded the victim to invest in other false ventures, including motion pictures and vehicles.
The victim did not know that Baron had a prior felony conviction for fraud, authorities said.
The case resulted from and investigation by the FBI.