Pocono News Section

Owner of J.P.L. Financial Pleads Guilty

Owner of J.P.L. Financial Pleads Guilty - Monday, June 1, 2009 at 9:55PM EST

Reported by: Andy Mehalshick
Monday, Jun 1, 2009 @ 09:55pm EST
SCRANTON, LACKAWANNA COUNTY- A Luzerne County man admits he ripped of his clients. He took more than $600,000. The I-Team broke this story in March. Today, the man at the center of the case, James Lake, was seen for the very first time.

Lake refused to talk with Eyewitness News or his victims, but inside the courthouse. Lake told the judge, “I plead guilty your honor.”

James Lake tried to slip out the side door of the federal courthouse in Scranton just after pleading guilty to ripping off more than 30 of his clients.

Lake was owner of J. P.L. Financial in Kingston. He admits to taking more than $600,000 and using it for his own purposes.

Al and Sharleen Palaima lost $25,000. They knew and trusted Lake from their church. They invested money from the church, and had no problems. But their cash was gone. "Somebody had said they heard he was being investigated. I didn't think it was true. He was honest with us. It hit us like a brick wall. I was very, very surprised," said Sharleen.

“He was a very friendly person. We knew he was doing food for the church," added Al Palaima.

But Lake now admits he was only doing good for himself.

Lake faces 10 years in prison and a $250,000 fine. He must also pay restitution.