A Boca Raton couple, Jean Joseph and Janalie Camille Bingham, has been sentenced for running a $50 million investment fraud scheme. Joseph, 55, received a 20-year sentence for wire fraud, while Bingham, 44, was sentenced to 48 months for her involvement.
They operated Wells Real Estate Investment LLC, misleading investors by claiming their promissory notes were backed by a $450 million real estate portfolio. However, only a small portion of the funds was used for actual real estate; Joseph diverted around $28 million into speculative stock trading and personal expenses, including a down payment on a nearly $2 million home.
Even while serving a federal prison sentence for a previous fraud conviction, Joseph continued to manage the investment scheme. A restitution hearing is scheduled for September 4.
