Shakopee Man Sentenced for $3.1 Million Ponzi Scheme
Jason Dodd Bullard
A Shakopee man has been sentenced to 51 months in prison and ordered to pay $3.1 million in restitution for operating a fraudulent investment scheme.
According to court documents, between 2014 and 2021, Jason Dodd Bullard, 59, and others working at his direction solicited funds from individuals, entities, and trusts purportedly to invest in a foreign currency investment program.
In reality, Bullard was operating a Ponzi scheme and the funds collected from those investors over time were used to fund other entities owned or controlled by Bullard and not part of the purported investment plan.
Bullard also used investor funds to support his and his family’s lifestyle, prosecutors said.. Bullard lied to investors in reports and statements sent to investors, meant to encourage further investment and to keep investors from learning the truth and breadth of the scheme.
In total, Bullard defrauded approximately 100 victims in several states, including Minnesota, out of $3,108,312. Bullard pleaded guilty on April 25, 2023, to one count of wire fraud and was sentenced Thursday in U.S. District Court. In addition to prison time and restitution, Bullard was also sentenced to three years of supervised release.
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