California Real Estate Scammer Pays for Wedding With Investors' Cash


The honeymoon is over for a Long Beach, Calif., man who was sentenced to jail time this week for defrauding investors in a real estate Ponzi scheme.

Between 2003 and 2006, Jon Weldon James, 33, defrauded 50 investors, taking more than $33 million via phony investments. Instead of investing in real estate as he promised, James used the funds to pay for his wedding at the St. Regis Monarch Beach luxury resort in Dana Point, to open a music recording studio and to found a production company called On the Ball Entertainment.

How was he able to defraud so many?