A Phoenix, Ariz., financial planner has been sentenced to 44 months in prison for defrauding elderly Sun City residents out of their retirement savings, according to the U.S. Attorney for Arizona.
Jay Kevin Perry, 38, was sentenced Tuesday by U.S. District Court Judge Paul G. Rosenblatt for engaging in a bankruptcy fraud scheme that targeted elderly investors. Another hearing before Judge Rosenblatt, to resolve the nearly $1 million in restitution claims filed against Perry, is scheduled for August 6.
Perry’s victims ranged in age from their 60s to late 90s, U.S. Attorney Kevin M. Rapp said. Perry convinced the victims, who were his estate planning clients, to liquidate annuities and loan the money to him. He promised reasonable rates of return on the loans but made only a few payments to them, Rapp said.
Perry secured some of the loans with commercial property but failed to make the payments on the property and eventually declared bankruptcy. Some of the victims were infirm and lost their life savings, Rapp said. Perry operated under the name TheInvestmentSolution.com.