Owner of JPL Financial Sentenced on Fraud Charges

SCRANTON, LACKAWANNA COUNTY -- A once well-known Luzerne County financial advisor is going to prison. James P. Lake will spend nearly 4 years behind bars for stealing about $600,000 from his clients. The I-Team was first to uncover the scam. Jamie Lake said he was sorry for ruining the lives of so many people who trusted him. 33 people to be exact. "Once again, I am extremely sorry and I mean that I will work as diligently as I can once I’m in and out of the system to take care of this." Lake owned J.P.L. Financial in Kingston and was well known, hosting a radio and TV show giving advice. But, at the same time he was keeping his clients’ money, people like Lynn Rega, who lost tens of thousands of dollars. "I lost my trust in a lot of people that I believed in but I cant let that eat me up. I’ve got to move forward," she said. Another client, Tony Zambito, doesnt buy it either. "I dont believe him. I believe hes a calculating individual. He stole from peoples money, he purchased cars, two homes and had his teeth done. He was living the life. I think hes a crook." Lake was found out when a client came looking for tax records. “I did the best I could with a very bad situation. Im not making light of it. A lot of people were hurt, the public is hurt. I understand that," Lake added. The financial company Lake worked for, Quest Financial, repaid most of the victims with the understanding they would not file lawsuits against the company. Lake has to report to prison on February 24th.