South Florida residents who defrauded investors sentenced to federal prison terms | USAO-SDFL
Miami, Fla. – A federal district judge has sentenced the last of four defendants involved in a mail and wire fraud scheme to defraud investors.
Miami-Dade County resident Jason Ganton, 50, was sentenced to 40 months in federal prison. In December 2021, the co-defendant, Mason Newman, 52, was sentenced to 38 months in prison; the co-defendant, James Cleary, 50, was sentenced to 33 months in prison; and the co-defendant, Kevin Cardenas, 34, was sentenced to 24 months.
NIT Enterprises was a Palm Beach Gardens company that misrepresented itself as developing and producing radiation protection materials using innovative technology. Ganton, Newman, Cleary and Cardenas, who were not licensed securities sales agents, admitted to lying to investors by telling them that NIT was about to make an initial public offering of shares. This created a false expectation that investors would double or triple their investments in a short period of time. In fact, there was no IPO on the horizon for NIT. Ganton, Newman, Cleary and Cardenas admitted that they reached most of their victims through cold calling and personally profited from investor funds.
Juan Antonio Gonzalez, United States Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge of the FBI Miami, and Russell C. Weigel, III of the Office of Financial Regulation, announced the sentence handed down by U.S. District Judge Aileen. Mr. Cannon.
The Miami FBI and the Office of Financial Regulation investigated the matter. The case was prosecuted by Assistant U.S. Attorney Lothrop Morris. Assistant U.S. Attorney Daren Grove is handling the asset forfeiture.
Related court documents and information may be viewed on the District Court for the Southern District of Florida website at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov , under file number 20-cr-80095.