From Star Tribune, “Jeremy R. Lundin, 30, was charged Friday with one count of mail fraud and one count of money laundering, both felonies, after a monthslong investigation into his company Big Island Capital by the FBI and IRS. Authorities accuse Lundin of working through a network of associates and friends to solicit investors by promising big returns through “options trading,” then taking their money to finance personal trips, buy expensive jewelry and a luxury boat.
From December 2014 to May 2017, Lundin solicited more than $1 million from dozens of investors who entrusted him with their wealth. Lundin lured the victims into a false sense of security by misrepresenting the contents of his brokerage account, where Big Island’s assets were meant to be held for safekeeping, according to the criminal complaint. He once claimed the firm’s capital was $730,000 when, in reality, Lundin had not yet even opened the brokerage account.”