On Friday, it was announced that 25-year-old Alex Reaves Lundin had been charged with conspiracy for her role in a $1 million Ponzi scheme carried out by her husband, Jeremy Lundin. Her husband has already pled guilty to charges of money laundering and mail fraud for his involvement in orchestrating the scheme. Jeremy Lundin is scheduled to be sentenced on February 1, 2018. From December 2014 to May 2017, Jeremy Lundin claimed that he conducted “options trading” through his business Big Island Capital.
He used a network of associates and friends to solicit investors, while promising to generate exponential growth through options trading. Over a period of roughly two years, Lundin managed to acquire $1 million from 51 investors. However, Jeremy Lundin did not use the money for options trading. Instead, Jeremy and his wife allegedly spent investors’ money to fund their lavish lifestyle.
After Alex Reaves Lundin learned that her husband was not conducting options trading as promised, she allegedly continued to assist him in carrying out the scheme. She is accused of soliciting new investors and drafting correspondence intended to convince current victims that their money was safe. The case was the direct result of an investigation carried out by the IRS, FBI, United States Postal Inspection Service and Minnesota Department of Commerce Fraud Bureau.
Additional details can be found here.