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Secretary of State

SOS > Media Center >  Press Releases > Judge sentences man to six years behind bars for violating Indiana Loan Broker Act Judge sentences man to six years behind bars for violating Indiana Loan Broker Act

FOR IMMEDIATE RELEASE
November 12, 2010

Investigators from state’s Prosecution Assistance Unit team up with Marion County Prosecutor’s office to defend Hoosier investors, hold fraudulent financial agent accountable

INDIANAPOLIS (Nov. 10, 2010) –  A Marion County judge today sentenced former loan broker Jason Keigley to six years in prison for violating the Indiana Loan Broker Act.

Judge Robert Altice sentenced Keigley after a jury convicted the former Indianapolis loan broker on several loan broker related charges. The charges included five felony counts of dealing without a loan broker’s license, five felony counts of loan broker fraud, one felony count of fraud on a financial institution and one felony count of identity theft.

“In Indiana, we are holding loan brokers and financial agents to the highest levels of professional standards,” Indiana Secretary of State Todd Rokita said. “These standards are in place to help protect Hoosier investors from falling prey to these deceptive actions. Individuals, like Jason Keigley, will be held accountable for their actions to mislead innocent victims for personal, financial gains.”

Keigley is currently serving an 11-year prison sentence after being found guilty in 2008 for persuading a Hendricks County couple to invest nearly $30,000 in his fraudulent mortgage company – 1st Place Mortgage.  Keigley, an unlicensed loan broker, convinced the couple their funds would be available to them at any time with a 25 percent return on investment. However, when the couple later requested their funds be returned, he gave them only a small fraction of their initial investment. The couple never recovered the remainder of their money.  The outcome of the Hendricks County case was a direct result of an investigation by the Prosecution Assistance Unit (PAU) that was referred to the Hendricks County Prosecutors office.

Rokita noted the recent case against Keigley was also due to the work by the PAU – an arm of the Secretary of State’s Securities Division – and the partnership between the Marion County Prosecutor’s office. The secretary explained the sole purpose of the PAU is to assist police and prosecutors in investigating and prosecuting criminal violations of the Indiana Securities Act and the Indiana Loan Broker Act. Comprised of former prosecutors and criminal investigators with more than 72 years of experience, the unit’s efforts have led to the convictions 38 criminals in state and federal courts across Indiana. Additionally, with more than $29 million in court ordered restitution, many victims are able to recover some of their losses.

Judge Altice ordered Keigely to serve this latest sentence consecutively with his current conviction. He is scheduled to be released in 2018.

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Todd W. Darroca
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