Orange County Register

A San Clemente man pleaded guilty today to federal charges of collecting $15 million from investors whom he promised would earn up to 18% a year in what turned out to be a Ponzi scheme.

John Anthony Miller, 51, was also charged with identity theft, attempted bribery of a public official and passport fraud. He could be sentenced to up to 47 years in prison.

According to prosecutors, Miller ran the Ponzi scheme from 2000 to 2008 out of the Newport Beach offices of his investment companies JAM Junior Enterprises and and Forte Financial Partners. He promised 200 clients they could earn between 10% and 18% a year on his investments in foreign currency, oil wells, real estate and other financial instruments.

Miller provided clients with monthly statements — claiming up to $150 million in assets and $30 million in liabilities — but he never really invested the money, prosecutors alleged.

Last November, as his scheme began to collapse, Miller paid a $5,000 bribe — using money from his fraud scheme — in an attempt to buy a bogus passport under the name of a high school classmate who had recently died.

Miller is scheduled to be sentenced July 20 before U.S. District Court Judge Christina A. Snyder in Los Angeles.

To see the press release, CLICK HERE.

To see the criminal complaint, CLICK HERE.

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