Press Release
BOILER ROOM TRADER SENTENCED TO 48 MONTHS FOR FRAUD
October 31, 2008
FOR IMMEDIATE RELEASE
R. Alexander Acosta, United States Attorney for the Southern District of Florida, Michael E. Yasofsky, Jr., Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, announced today that defendant Jeffrey Jedlicki, 38, of Delray Beach, FL, was sentenced by the U.S. District Court Judge Kenneth A. Marra to 48 months’ imprisonment, to pay $6,029,279 in restitution. In August, Jedlicki pled guilty to an Information charging him with conspiring to commit mail and wire fraud and to defraud the United States.
According to the Information, court documents, and statements made in court, while working at multiple boiler rooms throughout South Florida, Jedlicki mislead investors into investing in foreign currency options. Jedlicki falsely told investors that they could expect to make high profits while being exposed to little risk. Jedlicki, however, knowingly failed to tell the investors that over 95% of those who had invested with him had lost their money and that he had been previously barred from acting as a broker by the National Futures Association.
In addition to misleading investors, Jedlicki failed to report to the Internal Revenue Service nearly $1 million in income he had earned during tax years 2003 and 2004. Jedlicki would divert his salary and commissions to a newly created corporation, and then falsely deduct as business expenses his personal expenses, including payments for his car, credit card bills, and meals.
Mr. Acosta commended the investigative efforts of the Internal Revenue Service, Criminal Investigation Division, and Federal Bureau of Investigation. This case is being prosecuted by Assistant United States Attorney Jeffrey A. Neiman.
A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.
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