Minnesota Man Sent to Federal Prison For Ponzi Scheme

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Minneapolis, MN (KROC-AM News) - A Minnesota man, who was well-known in horse racing circles, has been sentenced to a little over four years in federal prison for a fraud conviction.

The US Attorney for Minnesota says 59-year-old Jason Bullard of Shakopee earlier entered a guilty plea to one count of wire fraud. According to court documents, Bullard and others working under him operated a Ponzi scheme between 2014 and 2021.

The criminal charges indicated Bullard would solicit funds from individuals, entities, and trusts by claiming the money was being invested in a foreign currency investment program. The fraudulently collected funds were used to pay for other entities controlled by Bullard which were not included in the investment scheme. Federal prosecutors say he also used the funds to support his family's lifestyle and make payments back to investors to make it appear their investments were sound.

It's estimated that there were about 100 victims of the scheme in Minnesota and several other states. In addition to his 51-month prison sentence, Bullard was also ordered to pay $3.1 million in restitution.