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Updated Jul 2, 2013 - 6:52 pm

Financial planner sentenced in Sun City fraud case

PHOENIX — A financial planner has been sentenced to nearly four years in
federal prison in an investment fraud scheme that targeted many Sun City
residents.

Prosecutors say 38-year-old Jay Kevin Perry, of Phoenix, was sentenced Tuesday
in U.S. District Court to a 44-month prison term.

Another hearing to resolve the nearly $1 million in restitution claims filed
against Perry is scheduled for Aug. 6.

Prosecutors say Perry defrauded estate-planning clients who ranged in age from
the 60s to the late 90s.

He allegedly convinced them to liquidate annuities and loan money to him.

Authorities say Perry promised reasonable returns, but made few payments to his
clients.

In some cases, Perry allegedly secured his clients’ loans with commercial
property on which he had failed to make payments. He later filed for bankruptcy.

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