Money

Former Hershey man sentenced for fraud and cash laundering

HARRISBURG, PA (WHTM) – A former Hershey resident was sentenced Tuesday to 11 years in prison and three years’ custody release on Tuesday on charges of fraud and other charges, according to the PA Middle District.

Michael Jay Jackson, 61, was convicted by US District Judge Sylvia Rambo of bankruptcy fraud, cable fraud, aggravated identity theft and money laundering. Jackson was also asked to pay $ 1,567,275 in restitution.

Jackson pleaded guilty to charges in November 2017 on charges of 12 wire fraud cases, five bankruptcy fraud cases, nine bankruptcy false declarations and two aggravated identity theft cases.

Jackson defrauded his wife and the Middle District Pennsylvania Bankruptcy Court by filing seven Chapter 13 and Chapter 11 bankruptcy filings, five of which were in his name and two in his wife’s name without her knowledge or consent after being banned had been filing petitions for two years.

All seven petitions contained false information about his assets, income and employment. These petitions were tabled to postpone the sheriff’s sale of his Hershey residence.

In March 2018, he pleaded guilty to a two-count charge of wire fraud and money laundering on a double charge after he ran a credit fraud program on a fraudulent business venture between 2007 and 2017.

Jackson defrauded 22 victims of $ 1.7 million by convincing them to provide him with loans to cover his personal expenses while they believed a New York capital investment company was sponsoring his fake INTEX Building Materials Group Inc.

Victims were promised high returns on alleged short-term loans, but INTEX BMG had no significant assets, no paid employees, and never generated income.