Ponzi Scheme Nets Lake Charles Man 235 Month Prison Term
55 year old John Steven Blount of Lake Charles was sentenced to 235 months in prison for wire fraud in connection with a Ponzi scheme he used to defraud investors out of $5.8 million. Blount was also sentenced to three years supervised release and ordered to pay $4.3 in restitution. The Financial Industry Regulatory Authority barred Blount from working as an investment adviser in December of 2003 but he resumed work as a broker/investor from 2007 to 2014. In that six year period he used his company Professional Consultants LLC to operate a Ponzi scheme that defrauded at least 73 investors out of $5.8 million.