[JPL] Jail time for N.J. man who bilked jazz musician Marsalis
drjazz at drjazz.com
Sat Jul 15 23:26:17 EDT 2006
Jail time for N.J. man who bilked jazz musician Marsalis
July 15, 2006, 3:53 PM EDT
NEWARK, N.J. (AP) _ A New Jersey man who took money from jazz musician
Wynton Marsalis and his manager as part of an investment plan then spent
the cash on himself is going to jail.
During a Friday hearing in a federal court in Newark, Jay Bailey, 40, was
sentenced to 35 months in prison for taking hundreds of thousands of
dollars from Wynton Marsalis Enterprises and Ed Arrendell, the musician's
Bailey portrayed himself as a real estate developer, and he took money from
investors with the idea that he would use it to purchase and renovate homes
in poor neighborhoods and then sell the properties at a profit.
But prosecutors, who described Bailey as "a classic con," said he spent the
cash on things such as a 2004 Porsche that cost $160,000 and luxury vacations.
Marsalis's Bethesda, Md.-based company gave Bailey nearly $500,000, and
Arrendell lost $42,000 of his own money.
"He was just a con man," said Arrendell in comments reported by The
Star-Ledger of Newark for Saturday's newspapers. "Just a big liar."
Bailey would give his clients some money as well as detailed reports so
they wouldn't become suspicious, but eventually the returns slowed and
clients sensed something was wrong, said Arrendell.
Federal agents arrested Bailey in 2005, and he pleaded guilty this year.
The manager said Marsalis never met with Bailey nor was he personally
involved in the deals.
Information from: The Star-Ledger, http://www.nj.com/starledger
Copyright 2006 Newsday Inc.
Dr. Jazz Operations
Oak Park, MI 48237
More information about the jazzproglist