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Rating:A Former BlackRock Wholesaler Dodges Felony Charges  Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, September 28, 2012

A Former BlackRock Wholesaler Dodges Felony Charges

Reported by Irene Park

A former Philadelphia-based BlackRock [profile] mutual fund wholesaler can breathe easy, now that charges against him of fraudulently involving a Radnor, Pennsylvania, couple in an investment scheme and failing to make good on his promises of return have been dismissed. The charges were dropped by none other than Robert and RoseAnne Donatucci, the couple who brought the case against him in the first place.

The Donatuccis dropped charges of three bounced checks each for $198,000 and deceptive business practices against Richard "Rick" Jameison, Jr., 42, on account of Jameison making good on his payments.

But though good news for Jameison, some individuals are not happy with this news.

"The judge was not happy about it," said Cindy Romanick, a criminal court clerk for Delaware County District Court. She explained that Magisterial District Judge David Lang, who presided was "upset" with the Donatuccis for "using the court as a collection agency."

A spokeswoman for BlackRock confirmed to the MFWire that Jameison was an external wholesaler of mutual funds, but is no longer employed with the firm.

The Donatuccis first became involved with Jameison who they had known for about six years and had become "good friends" with in an investment capacity in June of last year. According to the initial criminal complaint filed with the Radnor Township Police Department on May 15, Jameison offered to involve the couple in a $5 million group investment. The money would be used to invest in a business that sells annuities and builds a multi-hundred million dollar portfolio, the complaint said. At a certain level of fundraising, an insurance company would purchase the company at a premium, Jameison claimed.

Jameison added that the investment was "sound," as he had invested with the group six times prior "with great success." It is unknown who he had involved in these prior six occasions.

Jameison also promised the victims a 23 percent return on the investment, with the potential for a larger return depending on the final sale price. In later conversations, Jameison told him the correct amounts were a 32 percent return, on which he would receive $48,000 for the Donatuccis' initial investment, the complaint said.

The Donatucci's agreed to invest $150,000 with Jameison, who himself allegedly invested $350,000, the complaint said. Interest on the investment would be paid on Jan. 15, with the original principal returned on July 1, the complaint said.

However, three checks in the month of April written out to the Donatuccis, each for the amount of $198,000, all bounced due to insufficient funds. Jameison failed to make proper restitution to the Donatuccis.

Jameison was arraigned on July 16 in Newtown Square District Court, but was released on $50,000 unsecured bail. He was, however, ordered to surrender his passport.

He subsequently failed to appear at a preliminary hearing on July 12 for "no good cause," but did appear at the rescheduled hearing on July 26, according to court documents.

In a letter to Judge Lang, Stuart Lundy, the attorney representing the Donatuccis, wrote that the Donatuccis wished to dismiss the case. According to the letter, the Donatuccis "do not believe that the Defendant[ Jameison] issued the checks, or acted in any other matter, with bad motive, ill will, or an intention to deceive" them. They also claimed they believed Jameison "never had an intention to cause a loss to the Donatuccis by their previous actions. 

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