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Great Falls man sentenced in fraud and money laundering scheme

Posted: 9:16 AM, Jan 30, 2019
Updated: 2019-01-30 19:51:50-05

A Great Falls man has been sentenced for a fraud and money laundering scheme.

Jay Nash, who admitted to defrauding four people of more than $800,000 in real estate schemes, was sentenced Tuesday to a little more than three years in prison and to three years of supervised release, according to the Department of Justice. U.S. District Judge Brian M. Morris also ordered $842,729 in restitution.

Nash, 50, pleaded guilty to wire fraud and money laundering in May 2018.

Prosecutors said Nash took advantage of elderly people, widows, and friends. A press release states he defrauded them and spent the money on boats, furniture, and his mother’s house.

In one of the cases, Nash obtained a warranty deed in August 2011 on a house owned by one of the victims. The parties entered into a promissory note, which was secured by a mortgage on the property, however, the mortgage was never filed with Cascade County.

Four months later, Nash took out two loans totaling more than $180,000 on the property without the victim’s knowledge. Nash then sold the property and did not give the proceeds to the victim, according to the Department of Justice.

As a result of the sale, $246,763 was wire transferred from a mortgage company and Nash then deposited $47,823, which represented the proceeds of the sale of the house after previous mortgages were paid.

Investigators determined Nash spent the victim’s money from the two mortgages and ultimate sale of the house on boats, furniture, his mother’s house and other unrelated living expenses. None of the expenditures was approved by the victim.

The investigation also found Nash had defrauded three other victims in similar schemes by entering promissory notes with the individuals and spending the money on unauthorized purchases, according to the Department of Justice.

Prosecutors said the fraud loss was more than $800,000.