Pocono News Section

Owner of J.P.L. Financial to Plead Guilty

Owner of J.P.L. Financial to Plead Guilty - Thursday, May 21, 2009 at 5:45PM EST

KINGSTON, LUZERNE COUNTY- An I-Team investigation into J. P.L. Financial in Kingston prompted a federal investigation.
Now the U. S. Attorney’s Office says that James P. Lake, the owner of J. P.L. Financial, will plead guilty to mail fraud charges in connection with a $600,000 investment fraud scheme involving 33 victims.

The I-Team first told you about lake last month. He shut his doors and refused to contact his clients.

Investigators say Lake admits he lied to his clients. For example, he admits he took some $421,000 from 17 clients, but kept the money for himself.

One man, Dave from Kingston, said he gave Lake $11,000 to invest to help pay for healthcare for his very sick little girl.

Lake faces 20 years in prison and fines of up to 1.2 million dollars.