GREAT FALLS - The United States Attorney’s Office announced
that Jay Nash, 50, of Great Falls, Montana, pleaded guilty to Wire Fraud and
Money Laundering during a federal court hearing on May 16, 2018, in Great
Falls, Montana, before U.S. District Judge Brian M. Morris. Nash faces a federal prison sentence of up to
30 years, a $500,000 fine, restitution of over $800,000, and a $200 special
assessment.
In an Offer of Proof, Assistant U.S. Attorneys Ryan Weldon
and Thomas Bartelson stated the Government would have proved Nash obtained a
warranty deed on the property owned by a victim. The parties entered into a Promissory Note,
which outlined that Nash would pay the victim an amount equal to the value of
the house. The Promissory Note was
secured by a mortgage, which was never filed with Cascade County. Four months later, Nash took out mortgages on
the property totaling over $180,000.
Nash ultimately sold the property and did not give the proceeds of the
sale to the victim.
As part of the investigation, agents tracked where Nash
spent the victim’s money from the two mortgages and the ultimate sale of the
house. Agents discovered that Nash spent
the money on boats, furniture, sex toys, his mother’s house, and other
unrelated living expenses. None of those
expenditures were approved by the victim, nor was the money given for that
purpose.
The investigation also revealed three other victims. Similarly, Nash entered into promissory notes
with these additional victims and spent the money on unauthorized purchases,
including ATVs, tax payments to the IRS, and a motorhome. In one example, Nash spent over $430,000 of victim
money in less than 120 days.
Sentencing is set for September 27, 2018, at 10:00 a.m., at
the Missouri River Courthouse, in Great Falls, Montana, before U.S. District
Court Judge Brian M. Morris.
This case was investigated by the Internal Revenue Service
Criminal Investigation, the Federal Bureau of Investigation, and local law
enforcement.
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