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Disbarred California attorney sentenced to 5.5 years in prison for investment fraud – InsuranceNewsNet

Damian Williams, the United States Attorney for the Southern District of New York, announced that DEREK JONES, a disbarred California attorney, was sentenced today to five and a half years in prison.

In total, JONES defrauded investors out of more than $8.6 million.

During the commission of the fraud charged in this case, JONES was suspended from the practice of law by the State Bar Court of California for earlier fraudulent conduct. JONES was ultimately disbarred in July 2022 based on findings by the State Bar Court that he had intentionally misappropriated money belonging to a client in 2011 and that he had made misrepresentations to the client, to the court, and to others.

* * *

JONES, 48, of San Marino, California, pled guilty on November 1, 2021, to a single count of wire fraud. He was sentenced today to five and a half years in prison, three years of supervised release, forfeiture of $8,679,787.66, and restitution to his victims in an amount to be determined within the next 90 days.

Mr. Williams praised the excellent work of the Federal Bureau of Investigation.

This case is being handled by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorneys David Raymond Lewis and David M. Abramowicz are in charge of the prosecution.

Contact:

Nicholas Biase (212) 637-2600

Press Release Number:

23-012

Updated January 17, 2023

 

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