A former Cranston resident has been indicted and arraigned in federal court on charges of wire fraud, as announced by Acting United States Attorney Sara Miron Bloom. Jason Johnson, 51, allegedly misrepresented himself as a financial advisor with substantial client funds and is accused of defrauding a Rhode Island couple.
According to the indictment unsealed in U.S. District Court, the couple invested $140,000 with Johnson in December 2017. He was then the owner of W.S. Solutions LLC, which has since ceased operations. It is alleged that within a week of receiving the investment, Johnson transferred the funds into two bank accounts he controlled without informing the investors. Over the following year, it is claimed that he used most of these funds for personal expenses.
Johnson allegedly did not respond to repeated inquiries from his clients over extended periods and failed to provide any investment statements or reports. Instead, he reportedly sent electronic communications assuring them that their investments were being managed and promised future profit distributions.
The Certificate of Organization/Registration for W.S. Solutions LLC was revoked by the Rhode Island Secretary of State on July 22, 2019, due to non-compliance with annual report filings.
Johnson appeared before a U.S. Magistrate Judge and was released on an unsecured bond pending further proceedings. The indictment remains an accusation at this stage; Johnson is presumed innocent until proven guilty.
Assistant United States Attorney Lee H. Vilker is prosecuting the case. The investigation was conducted jointly by the United States Postal Inspection Service and the FBI.