Shakopee man sentenced for role in $3.1 million ponzi scheme
MINNEAPOLIS -- A Shakopee man was sentenced yesterday for his role in a $3.1 million ponzi scheme.
According to the U.S. Attorney's office, Jason Dodd Bullard, 59, was sentenced to more than four years in prison and ordered to pay $3.1 million in restitution. Following his release, he'll also have to serve three years of supervised release.
Court documents say that between 2014 and 2021, Bullard, and others involved conspired to solicit funds from entities, individuals and trusts in order to invest in a foreign currency investment program. The currency was collected over time and were used to fund other entities managed by Bullard. Separate entities funded by Bullard were used to make payments back to investors falsely portraying legitimate returns. Bullard also used the stolen funds to invest in his family's expenses.
This detailed process is known as a "ponzi scheme."
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Bullard pleaded guilty to one count of wire fraud on April 25, 2023.
The FBI investigation concluded that Bullard defrauded approximately 100 victims in Minnesota, and several other states, for a grand total of $3,108,312.24.