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Saturday, January 16, 2021

Dallas man pleads guilty in $6M diamond investment fraud

DALLAS (AP) — A Dallas man faces up to 20 years in federal prison for his role in what prosecutors call a more than $6 million diamond investment scheme.

Jay Bruce Heimburger pleaded guilty Tuesday in Dallas to mail fraud. Investigators say the 58-year-old Heimburger will be sentenced later over the early 2011 to late 2013 scam.

Prosecutors say a Houston man, 56-year-old Christopher Arnold Jiongo, pleaded guilty in May to wire fraud and awaits sentencing. The case continues against a third defendant.

Authorities say more than 75 investors in the purchase and resale of diamonds, on the international market, were scammed of about $6.4 million. Prosecutors say money and property were fraudulently secured.

A federal judge, during sentencing, could order restitution.

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