By Mike Perleberg
(Brookville, Ind.) - A Brookville man who was a partner in a Ponzi scheme that victimized dozens of southeast Indiana residents is pleading guilty to more charges. Jerry Smith and business partner Jason Snelling, of Cincinnati, defrauded 72 investors in Indiana, Ohio, and Kentucky out of $8.9 million dating back to 2004. In Indiana alone, 30 investors in Dearborn and Franklin counties were swindled out of $4.5 million between 2007 and 2010 as part of the scheme disguised as a securities investment venture called CityFund/Dunhill. Smith, 51, is already serving a 5 year, 5 month federal sentence after pleading guilty to charges in U.S. District Court for Southern Ohio in March 2013. He was also ordered by the judge to pay $5.4 million in restitution to the victims, along with $72,000 to the IRS. Arguing it was double jeopardy because he had already been convicted in federal court, Smith appealed to have his criminal charges in Franklin County dismissed. That appeal was denied by the Indiana Supreme Court last May. On Monday, Smith pleaded guilty to five felony charges in Franklin County Circuit Court, The Brookville American-Democrat reports. The pleas were not part of any agreement with prosecutors. Smith faces two to eight years on each charge when he is sentenced by Judge Clay Kellerman on December 2. The Franklin County victims, many of whom were friends or family of Smith, will have the opportunity to testify at the hearing. Smith used the investors’ money to pay for an expensive home, to buy a boat and jet skis, and to operate his insurance business, prosecutors in the federal case previously stated. Snelling was sentenced in October 2012 to 10 years, 11 months in federal prison. He has been ordered to pay about $5.3 million in restitution to the victims and $597,000 to the IRS. RELATED STORIES: Ind. Supreme Court Denies Appeal Of Ponzi Scheme Case Scammer Sentenced To Prison, Must Pay Back Tri-State Ponzi Schemer Gets 131 Mos. In Prison Another Guilty Plea In Tri-State Ponzi Scheme Securities Scammer Getting 8 Yrs In Dearborn Co. Ponzi Scheme Duo Pleading Guilty Half Of Alleged Ponzi Scheme Duo Pleads Guilty Convicted Ponzi Schemer Gets 40 More Years Investment Scammers Could Plea
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