BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2026 MetroDesk Media, LLC) — Boca Raton’s Jean Joseph will spend 20 years in federal prison following his conviction on real estate fraud. The United States Department of Justice issued this advisory which we are publishing as it was received by BocaNewsNow.com:
>> A convicted felon has been sentenced to federal prison for his leading role in a real estate fraud scheme that raised over $50 million from investors.
U.S. District Judge Jose E. Martinez sentenced Jean Joseph, also known as “Jon,” 55, of Boca Raton, to 240 months in prison after he pleaded guilty to wire fraud. A restitution hearing is set for September 4. Janalie Camille Bingham, his 44-year-old wife and accomplice who also goes by Janalie Camille Joseph, was sentenced to 48 months for her part in the crime.
“Jean Joseph was already serving a federal prison sentence for wire fraud when he continued directing another massive investment scheme from behind bars,” said U.S. Attorney Jason A. Reding Quiñones. “He lied about the company’s assets, diverted millions of dollars into speculative trading and personal expenses, and used new investor money to pay earlier investors. This 20-year sentence delivers serious accountability for an unrepentant fraudster who repeatedly abused the trust of his victims.”
According to court documents, Joseph and Bingham formed Wells Real Estate Investment, LLC in or around 2017 and operated the company together, with Bingham serving as the Chief Executive Officer. Beginning in approximately 2019, Joseph and Bingham concealed Joseph’s involvement in the business after he became a convicted felon.
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Despite beginning to serve a prison sentence in June 2020 in an unrelated wire fraud case (19-cr-20177), Joseph continued to direct aspects of the scheme from prison. Earlier, in October 2019, Joseph and Bingham opened a bank account in the name of Wells Real Estate, with Bingham as the sole authorized signer due to Joseph’s pending criminal prosecution. Joseph nevertheless directed transactions in the account, including while incarcerated.
From approximately 2019 through 2024, Joseph and Bingham solicited investors to purchase promissory notes issued by Wells Real Estate. They falsely represented that investor funds would be used to acquire and improve residential and commercial real estate and that the notes were backed by valuable real estate holdings. In reality, only a small portion of investor funds was used for real estate. Instead, Joseph diverted approximately $28 million into speculative equities trading.
Joseph and Bingham also falsely claimed that the investment notes were secured by a real estate portfolio purportedly worth as much as $450 million. In truth, neither Wells Real Estate nor the defendants owned sufficient real estate assets to secure the investments.
Joseph and Bingham further misled investors by claiming that Wells Real Estate did not pay commissions on note sales. In fact, the company paid up to 15% in commissions, distributing approximately $8 million in investor funds to sales personnel.
To sustain the scheme, the defendants used funds from newer investors to make more than $8 million in Ponzi-style payments to earlier investors, without disclosing the source of those payments.
They also used more than $2 million in investor funds for personal expenses, including a down payment on a $1.95 million home that they used as their primary residence. Shortly after purchasing the home through a limited liability company, the property was transferred into Bingham’s name.<<
