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Boca Raton Couple Receive Prison Terms in Miami for Running a $50 Million Real Estate Investment Fraud That Used Investor Money for Trading Commissions and Personal Spending

MIAMI, FL — Two Boca Raton residents were sentenced in federal court in Miami after prosecutors said they helped run a real estate investment scheme that brought in more than $50 million from investors. Jean Joseph, also known as Jon, received a 20-year prison sentence. His wife, Janalie Camille Bingham, was sentenced to four years.

The U.S. Attorney’s Office for the Southern District of Florida said U.S. District Judge Jose E. Martinez imposed the sentences. Joseph, 55, had pleaded guilty in April to wire fraud. Prosecutors said a restitution hearing was set for Sept. 4 after a hearing on Aug. 4.

How Prosecutors Described The Scheme

According to court filings and the Justice Department, Joseph and Bingham formed Wells Real Estate Investment, LLC around 2017 and ran it together, with Bingham serving as chief executive officer. Prosecutors said Joseph later concealed his role after becoming a convicted felon, but continued to direct parts of the business even after a June 2020 prison sentence in an unrelated wire fraud case.

The Justice Department said the couple solicited investors from about 2019 through 2024 to buy promissory notes tied to Wells Real Estate. They allegedly told investors the money would be used to buy and improve residential and commercial property and that the notes were backed by valuable holdings. Prosecutors said those claims were false and that the company did not own enough real estate to support the investments.

Money Moved To Trading And Expenses

Federal prosecutors said only a small share of investor money went to real estate. They said Joseph diverted about $28 million into speculative stock trading. They also said the company paid up to 15% in commissions on note sales, sending about $8 million to sales personnel despite claims that no commissions were paid.

Prosecutors said more than $8 million from newer investors was used to pay earlier investors in a Ponzi-type pattern, and more than $2 million went to personal expenses. That included a down payment on a $1.95 million home in the 900 block of Parkside Circle North that the couple used as their primary residence before it was transferred into Bingham’s name. The home is just south of Sugar Sand Park.

Federal Case Remains Open

The U.S. Attorney’s Office said FBI Miami is investigating the case, and the Securities and Exchange Commission previously filed a civil action against Joseph and Bingham. Prosecutors said they continue to review the money trail tied to the investment sales and the use of investor funds.

Joseph and Bingham also previously owned other homes in Boca Raton and in Highland Beach, according to court records cited by prosecutors. The Justice Department did not say in the sentencing announcement whether additional charges are expected, and the restitution process will continue in federal court. For future updates, readers can check the U.S. Attorney’s Office for the Southern District of Florida, FBI Miami and the court docket in Miami.

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