ST. PAUL, Minn. (AP) — Federal authorities say a Minnesota man accused of bilking investors of more than $1 million has pleaded guilty.
Authorities say 30-year-old Jeremy Lundin, of Mound, ran a Ponzi scheme from December 2014 through May 2017 through his company, Big Island Capital. He allegedly created phony account statements and provided investors with online access to fictitious quarterly statements.READ MORE: Univesrity Of Wisconsin Regents Set To Extend SAT, ACT Exemptions
Investigators say Lundin and his wife used a majority of investor funds on personal expenses, including travel, luxury automobiles, a boat, jewelry, retail purchases and more than $366,000 in credit card payments.READ MORE: UW Regents To Consider Out-Of-State, Grad Tuition Increase
Lundin pleaded guilty to mail fraud and money laundering. A sentencing date has not been scheduled.
Lundin’s lawyer, Joseph Friedberg, declined to comment.MORE NEWS: 2 Killed, 3 Injured In Crash Involving Stolen Vehicle, Police Say
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