AUSTIN, Texas — An Austin man who led a hotel investment fraud scheme for six years that resulted in property losses of over $5 million will have to pay those funds back and spend 70 months in prison, according to the Department of Justice.

Jason Michael Schubert, 47, owes $5,052,366.92 for his misappropriation of hotel investor funds. Court documents show that he ran the scheme from 2012 until June 2018, using his “Rich in Five” seminars to overcharge attendees and pick out investors for his scam. The seminars were lessons on how to make money from hotel property investments.

“This defendant engaged in a complex fraud involving commercial real estate, moving funds among numerous bank accounts, and making many false promises to well-intentioned investors,” said United States Attorney Ashley C. Hoff. “Like so many other fraud schemes, this scheme was designed to line the defendant’s own pockets with other people’s hard-earned money. Now that his scheme has been dismantled, we are confident that the prosecution and sentencing of this defendant will bring a measure of justice to his victims.”

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