Investment Broker Sentenced for Embezzlement

Modified: August 17, 2018 11:54am

8/17/2018

Erie County District Attorney John J. Flynn announces that 31-year-old James Jones, III of Buffalo has been sentenced by Erie County Court Judge Kenneth Case to a determinate sentence of 9 months in jail.

In June 2015, the defendant, while working as an investment broker, was given $28,966 to invest on behalf of his aunt and her husband. Despite several requests by the victims, the defendant never provided a status update on their investment.

The following month, a bank account was opened online in the name of the victim and a check was deposited in the same amount that the victim provided to the defendant. Almost immediately, wire transfers moved the money into an account in the name of James Jones, III. The defendant spent the money on gambling and personal items.

In June 2018, Jones, a prior felony offender, pleaded guilty to Grand Larceny in the Third Degree.

Jones had previously pleaded guilty to Grand Larceny in the Fourth Degree and Identity Theft in the Second Degree in two separate cases. He was sentenced to 5 years of probation for those crimes in March 2017.

In addition to his sentence, Judge Case issued a restitution order. In total, the defendant embezzled $72,434.69 from his clients, which he will be required to pay back upon his release.

DA Flynn commends the investigative work of Detective Dan Quinlan of the Amherst Police Department.

The case was prosecuted by Assistant District Attorney Gary M. Ertel of the DA’s Special Investigations and Prosecution Bureau.