Jodene Beaver has spent the majority of her 56 years dealing with physical and mental impairments. She is able to live on her own with the help of her family who cares for her and work as a grocery-store greeter.

Two months after her father died, Beaver placed her trust in Jason Wade Cox, a financial adviser. Cox immediately started thieving thousands of dollars from Beaver, transferring funds out of the original account and into Beaver’s private checking account and subsequently spending much of it on gambling. Eventually, Cox drained Beaver’s entire inheritance and urged her to sell her condo and move into a bedbug-infested apartment.

Cox was sentenced to five years in prison, three years supervised release, and ordered to pay over $412,000 in restitution. He pleaded guilty in July to charges of mail fraud, wire fraud, and money laundering. He also told the judge that he had suffered childhood abuse that led to a gambling addiction, forcing him to steal.

“I know [Bodene and her family] have to be thinking I’m the worst person in the world. But I’m not. I’m compassionate,” stated Cox. “I want to say to Jodene how sorry I am. It sickens me that I have affected a really good person who didn’t deserve this because of my addiction.”

Assistant U.S. Attorney Deborah A. Solove told the court that Cox was relentless in his greed.

“It was everything. [Beaver] didn’t realize what had happened until she had $3 left in her account,” Solove said.

Beaver told the judge: “I have felt like we could trust him, but then later on down the road I was robbed of that.”

Cox must report to a federal penitentiary in Pensacola, Florida, in two weeks to begin his sentence.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.