GREAT FALLS – Great Falls resident Jay Nash, who admitted defrauding four persons of more than $800,000 in real estate schemes, was sentenced on Tuesday to three and one-half years in prison and to three years of supervised release, U.S. Attorney Kurt Alme said today.

U.S. District Judge Brian M. Morris, who presided at sentencing, also ordered $842,729 in restitution.

Nash, 50, pleaded guilty in May 2018 to wire fraud and to money laundering.

Prosecutors said Nash took advantage of elderly persons, widows and friends, defrauding them and spending the money on boats, furniture and his mother’s house.

In one of the cases, Nash obtained a warranty deed in August 2011 on a house owned by one of the victims. The parties entered into a promissory note, which was secured by a mortgage on the property. The mortgage, however, was never filed with Cascade County. Four months later, without the victim’s knowledge, Nash took out two loans totaling more than $180,000 on the property. Nash then sold the property and did not give the proceeds to the victim.

As a result of the sale, $246,763 was wire transferred from Mann Mortgage. Nash then deposited $47,823, which represented the proceeds of the sale of the house after previous mortgages were paid.

Investigators determined that Nash spent the victim’s money from the two mortgages and ultimate sale of the house on boats, furniture, his mother’s house and other unrelated living expenses. None of the expenditures was approved by the victim.

The investigation also found that Nash had defrauded three other victims in similar schemes by entering promissory notes with the individuals and spending the money on unauthorized purchases.

Prosecutors said the fraud loss was more than $800,000.

U.S. Attorney Ryan Weldon prosecuted the case, which was investigated by the FBI and IRS.

XXX