Investment Broker Admits to Embezzlement

Modified: June 6, 2018 9:03am

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Erie County District Attorney John J. Flynn announces that 31-year-old James Jones, III of Buffalo pleaded guilty before Erie County Court Judge Kenneth Case to Grand Larceny in the Third Degree.

In June 2015, the defendant, while working as an investment broker, was given $28,966 to invest on behalf of a client 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 to account in the name of James Jones, III. The defendant spent the money on various personal items.

The defendant is a prior felon who previously pleaded guilty to Grand Larceny in the Fourth Degree and Identity Theft in the Second Degree in two separate cases. The defendant was sentenced to five years probation in both incidents.

In total, the defendant embezzled $72,434.69 from his clients.

Jones faces a maximum of 7 years in prison when he is sentenced on Friday, August 17 at 9:30 a.m.

“The Special Investigations and Prosecutions Bureau in my office will continue to investigate and prosecute those who steal money from innocent victims for their own personal gain,” said DA Flynn.

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

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