Charges for alleged Ponzi scheme operator upsets victims

(KMSP) - A Mound man has been charged in an alleged Ponzi scheme totaling $1 million.

Jeremy Lundin, 30, was charged in federal court Friday with one count of mail fraud and one count of money laundering.

Two of his victims spoke exclusively to Fox 9 on Tuesday, expressing their disappointment in what they see as a lack of charges. They also expressed concern that Jeremy’s wife and business partner, Alex Lundin, was not charged.

“We’ll arrest you for pot and put you in jail for two years. And these guys are out on the streets in nine to 12 months,” said Laura Cramer. “And where is she? She’s at home with her Gucci bag while he’s taking the hit for this.”

As Fox 9 reported in June, Cramer went to the FBI after she tried to pull money out of her account and the check bounced. She estimates she lost $200,000 investing in Lundin’s company, Big Island Capital.

According to charging documents filed Friday, at least 51 people fell victim to the investment scheme.

Michael O’Leary says he waited a year to invest. In the end, he lost $50,000.

“Why do they get to run free? They committed a crime,” said O’Leary who also wants to see Jeremy’s wife charged. “I feel she was basically playing the puppet and if she gets off scot-free, that’s a real travesty of the justice system.”

According to her LinkedIn page, which has now been deleted, Alex Lundin claimed to be the CFO of Big Island Capital. Victims believe she played a large role in the scheme.

“I wouldn’t be surprised if she was the brains behind it and he was the idiot who fell for it,” said Cramer.

Court documents claim the couple promised investors exponential growth, but instead used their money to fund their luxurious lifestyle.

According to court documents, between May 2015 and May 2017, at least $992,000 was deposited into a bank account established in the company’s name. However, during roughly the same time period, Jeremy transferred $933,950 from the business account directly into his and his wife’s personal checking account.

The FBI believes the couple used the money to purchase a boat, a Maserati, jewelry, and pay off a $366,000 credit card bill.

“Heck if somebody said to me, you can have $2 million dollars if you work a crumby job for two years, I’d do it—if I could go to camp fed (jail) for two years and make $2 million, I’d do it,” said O’Leary.

Jeremy and Alex Lundin declined to comment for this story.

Jeremy will make his first court appearance Sept. 21.