As his trial date neared, Jefferson Villines III pleaded guilty to three felony offenses, including money laundering, theft of property and securities fraud.
Villines entered an open plea on the heels of his four-day special trial date set to be overseen by 451st state District Judge Kirsten Cohoon.
As a result, a pre-sentencing investigation will be conducted into Villines’ actions, and Cohoon will determine if the money mover will spend time behind bars.
According to the indictments against Villines, which were all signed May 4, 2021, the defendant stole more than $240,622 across his eight targets.
“(Villines) created and confirmed by words and conduct false impressions of fact that were likely to affect the judgment of said owners in the transactions and that (Villines) did not believe to be true,” the indictments read.
The largest charge against Villines – the fraudulent sale of securities tooling more than $100,000 – is a first-degree felony offense.
The charge stems from Villines’ operation under his private company, JKV Management LLC, which Villines used to collect his investment revenue.
In his operation, he failed to mention the several cease-and-desist letters sent to Villines under his operating name of JKV Management Consulting LLC to such investors.
The indictments against Villines claim he failed to disclose to investors he had received notice from both the Pennsylvania and Georgia securities commissioner to stop selling securities as they had not been registered in the respective states.
According to the affidavit, Villines had sold oil and gas leases, investment contracts, promissory notes and debts to investors in relation to two projects, conducting the sale through his private company — JKV Management –– which had no ownership stake in the projects.
The state accuses Villines of “knowing and intentionally representing that JKV Management LLC had an ownership interest in the Latham #1 One Well Rework Joint Venture…” and “intentionally failing to disclose that JKV Management LLC had no ownership interest.”
Further, the indictment states Villines failed to disclose that in 2016 the Internal Revenue Service filed a tax lien against the defendant for both 2013 and 2014 with amounts totaling more than $44,000. Both the theft and money laundering charges are second-degree felonies, punishable by two to 20 years in state prison.
However, the defendant may face between five and 99 years behind bars for selling more than $150,000 worth of fraudulent securities – a first-degree felony.
Villines is set to be back before Cohoon 9 a.m. Nov. 1 at the Kendall County Courthouse to have his fate determined.
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