A Boca Raton couple has pleaded guilty to charges related to a real estate investment fraud that cost investors more than $50 million, according to an April 1 announcement.
The case involves Jean Joseph and Janalie Camille Bingham, who operated Wells Real Estate Investment from 2019 to 2024. Prosecutors said the pair misled investors by promising their money was secured by valuable real estate and would be used for increasing property values. In reality, only a small portion of the funds went toward real estate, while about $28 million was diverted into speculative equities trading and another $8 million paid out as Ponzi-like returns to earlier investors.
Joseph pleaded guilty to conspiracy to commit money laundering, following Bingham’s earlier plea of wire fraud. Statements signed by both defendants indicated they misrepresented the value of Wells’ assets at one point as approximately $450 million. They also told investors that no commissions were paid for selling promissory notes but then paid about $8 million in commissions. The couple spent an additional $3.5 million on personal expenses, including purchasing a primary residence in Boca Raton through an entity tied to Wells.
According to prosecutors, Joseph concealed his prior criminal conviction from a separate 2019 wire fraud case involving Evergreen United Investments by having Bingham act as the sole signatory on bank accounts and using variations of his name with investors and employees. He transferred control of Wells Real Estate Investment into Bingham’s name while continuing to direct company activities.
In October, indictments were filed against both Joseph and Bingham about a year after the Securities and Exchange Commission brought a civil complaint against them. A court-appointed receiver has since been selling properties connected with the fraudulent scheme, including two homes on Parkside Circle in Boca Raton—one sold for $1.8 million—and other residential and office condo units.
Sentencing for Joseph and Bingham is scheduled for June 4.
