Fletcher is jailed and will pay restitution
Odessa businessman James Clinton Fletcher, 45, owner of the late San Jan, LLC, was sentenced to 15 years in prison for defrauding investors over $ 18 million through various fraudulent schemes.
Fletcher was sentenced by U.S. District Judge David Counts Thursday in Midland, a Justice Department statement detailed.
In addition to the jail term, Fletcher was ordered to pay $ 18,279,111 in restitution to his victims and $ 1,177,231 in restitution to the IRS. The charges also ordered that Fletcher be placed on probation for a period of three years after his prison sentence.
On December 22, 2020, Fletcher pleaded guilty to one count of conspiracy to commit wire fraud and one count of willful non-payment of employee tax withholding to the IRS following a full investigation of several years conducted by the IRS Criminal Investigation and the FBI into the Fletcher fraud. schemes, the detailed press release.
Fletcher admitted that from March 2015 to January 2018, he conspired to defraud more than two dozen family, friends and business associates over $ 18 million. Fletcher used these fraudulently obtained funds to buy a house in Odessa worth over $ 1 million, a vacation home in an upscale resort in central Texas, and expensive vehicles to include a Range Rover, a Mercedes-Benz and a GMC Yukon Denali.
Fletcher also played a lot and made frequent trips to Las Vegas using a private plane, according to the press release. He went on extravagant hunting trips using fraudulently obtained funds.
“Fletcher has taken advantage of his connections with family, friends and acquaintances to steal their hard-earned money and feed his never-ending greed,” US lawyer Ashley C. Hoff said in the press release. “The magnitude of the millions of losses was matched only by his increased willingness to betray those who trusted him. Working with our law enforcement partners, the U.S. Attorney’s Office will continue to seek justice for victims of financial fraud. “
Fletcher also reportedly admitted that for the third quarter of 2016, he failed to report and remit to the IRS about $ 378,437.54 in withholding taxes.
“Today’s conviction of James Clinton Fletcher, CEO of San Jan LLC, both for his conspiracy to commit electronic fraud and for his willful failure to pay taxes withheld from the wages of San Jan employees LLC is a strong reminder that no matter your position or financial situation, white collar financial and tax crimes are always serious offenses, ”said Special Agent in Charge Richard Goss of the Houston Field Office. IRS Criminal Investigation in press release. “And not only does employment tax evasion result in lost tax revenue for the US government, it fools employees who thought their payroll deductions had been paid to the IRS for their future Social Security benefits.” and health insurance. The IRS criminal investigation will vigorously prosecute anyone at any level who commits financial crimes, including employment tax evasion, for their own personal gain. “
“This result is the result of the FBI and its partners’ commitment to thoroughly and comprehensively investigate financial crimes and other criminal acts,” Acting Special Agent in charge Britton C. Boyd of the division said. El Paso from the FBI in the press release.
Deputy US prosecutors Shane A. Chriesman, Monica Daniels and Fidel Esparza III continued this case.