Man pleads guilty to misappropriating funds from professional athletes through High Point businesses
GREENSBORO, N.C. — A Florida businessman who provided financial services to professional athletes pleaded guilty in federal court in Greensboro Wednesday to conspiracy to commit wire fraud and money laundering, according to a news release from the U.S. Department of Justice.
Jason Christopher Jernigan, 43, of Miramar, Florida, pleaded guilty to one count of conspiracy to commit wire fraud and money laundering.
According to court documents, Jernigan, along with his business partner Michael Rowan, operated Capital Management Wealth Advisors, Inc. and APS Management, LLC in High Point.
Through Capital Management Wealth Advisors and APS, Jernigan and Rowan provided financial and investment services to professional athletes, including players in the National Football League.
From 2008 through 2014, Jernigan used his access to his clients’ bank accounts to convert and misappropriate approximately $1.48 million, the release said.
Rowan was sentenced in April 2017 to 65 months in prison for wire fraud and filing a false 2011 tax return.
Sentencing for Jernigan is scheduled for June 1 at 2 p.m. in Greensboro. Jernigan faces a statutory maximum sentence of 5 years in prison. He also faces monetary penalties, supervised release and restitution.