Jay Costa Kelter— Investment Fraud

Ponzi scheme attorneysJay Costa Kelter, a Former Investment Advisor and Formerly Known as Ignatius J. Costa, III, Allegedly Defrauded an Elderly Brentwood Woman out of $1.4 Million

Jay Costa Kelter, 48, and formerly known as Ignatius J. Costa, III, allegedly defrauded an Elderly Brentwood out of about $1.4 million, according to Court Documents from the U.S. Attorney’s Office in the Middle District of Tennessee currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating Jay Costa Kelter’s alleged investment fraud.

Investors who believe they may have lost money in activity related to Jay Costa Kelter’s alleged investment fraud are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

The indictment allegedly makes assertions that Kelter was purportedly affiliated with a Florida-based insurance and investment company and that Kelter allegedly convinced the purported victim to initiate investment accounts with a discount brokerage firm company by allegedly making false assertions that he was working for the discount brokerage company, according to the aforementioned Court Reports.

Kelter allegedly often posed as the victim investor in order to execute trades and make transfers of funds to accounts which he personally owned or controlled, the Reports note.

Jay Costa Kelter Indicted on Five Counts of Wire Fraud, 16 Counts of Mail Fraud and Securities Fraud

A federal grand jury indicted Jay Costa Kelter, formerly known as Ignatius J. Costa, III, 48, on Wednesday on five counts of wire fraud, 16 counts of mail fraud and securities fraud, according to the aforementioned Report being reviewed by attorneys Alan Rosca and James Booker.

If convicted, Kelter faces up to 20 years in prison on each count and up to a $5 million fine, the Reports note.

Kelter allegedly also spent thousands of the victim’s investment funds for personal use including purchases and payments for luxury including a Mercedes, a Lamborghini, and a $101,400 Bentley, and over $21,000 for custom jewelry, the Reports note. What is more, the indictment also alleges that Kelter used some of the client funds to repay other investment clients, a telltale sign of a Ponzi scheme, the Reports state.

Jay Costa Kelter worked at Berthel, Fisher & Company Financial Services from 2007 to 2013, according to Kelter’s FINRA BrokerCheck Report.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Jay Costa Kelter’s alleged investment fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Jay Costa Kelter’s alleged investment fraud may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1247 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.