A Florida businessman took a knee to justice on Wednesday when he pleaded guilty in federal court to providing fraudulent financial services to professional athletes.
Jason Christopher Jernigan, 43, of Miramar, Florida, pleaded guilty to one count of conspiracy to commit wire fraud and money laundering, according to a news release from the U.S. Department of Justice.
Jernigan, along with his business partner, Michael Rowan, operated Capital Management Wealth Advisors, Inc. and APS Management, LLC in High Point, according to court documents. They provided financial and investment services to professional athletes, including players in the National Football League, through this business.
Jason Pierre-Paul and Fabian Washington were two players identified by the Triad Business Journal, who were defrauded. Jernigan was accused of embezzling $2.9 million from professional athletes.
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From 2008 through 2014, Jernigan used his access to his clients’ bank accounts to convert and misappropriate approximately $1.48 million, the release said.
Rowan was sentenced in April 2017 to 65 months in prison for wire fraud and filing a false 2011 tax return.
Jernigan is scheduled to sentenced on June 1 in Greensboro. He faces a maximum sentence of 5 years in prison. He also faces monetary penalties, supervised release and restitution.