April 2018-Memphis, TN
John Sherman Jumper, 52, of Memphis, Tennessee was indicted by a federal grand jury for embezzling $5.7 million from a pension plan for the employees of Snowshoe Refractories, a company that makes fire bricks, located in Clarence County, PA.
According to the press release from the US Attorney’s Office for the Middle District of Pennsylvania, Sherman forged signatures on documents permitting him to transfer funds from the pension plan. He used the embezzled funds to make unauthorized loans and to purchase a tubing plant in Arkansas, pay off over a million in personal loans and personal legal fees.
FINRA records disclose that John Sherman Jumper was registered with Alluvion Securities 9/20007-2/2017. Alluvion Securities is no longer registered with FINRA effective 2/22/2018.
An indictment is only an allegation and persons charged are presumed to be innocent unless and until found guilty in court. The maximum penalty for this offense is 65 years, followed by supervised release and a fine.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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