Elk Grove Man Indicted for Ponzi Scheme Involving $11 Million

SACRAMENTO, CA—United States Attorney Benjamin B. Wagner announced today that a federal grand jury returned an indictment charging Christopher Jackson, 43, of Elk Grove, with six counts of wire fraud in a real estate investment Ponzi-style scheme.

The indictment alleges that Jackson operated a company, Genesis Innovations, that took in $11 million from more than 75 people to invest in real estate. In fact, he only invested about $2.5 million in real estate. The rest of the money was used to pay purported returns to other investors and for Jackson’s personal expenses, including his lease of a Lamborghini and a Land Rover, frequent dining at high-end restaurants, lodging at luxury hotels, purchase of expensive diamond jewelry, and substantial home improvements.

This case is the product of an extensive investigation by the FBI. It is being prosecuted by Assistant United States Attorney Matthew D. Segal.

The maximum statutory penalty for a violation of wire fraud is 20 years in prison and a $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.