Additional Information for Rich in Five

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency.  If the matter is being appealed, it will be noted below.

On, May 18, 2022, the U.S. Attorney's Office Western District of Texas sentenced, Jason Michael Schubert, to 70 months in prison and ordered to pay $5,052,366.92 in restitution for his role in a fraud to scheme hotel investors out of millions of dollars. 

Mr. Schubert identified potential investors by conducting seminars on how to make money from investing in hotel properties, called "Rich in Five" seminars.  Mr. Schubert charged participants fees to attend and then solicited money from the participants for investing in preexisting hotel properties that he would manage and operate while claiming that investors would profit with little effort.

Mr. Schubert represented that investor funds would be used to renovate the hotels.  He also misappropriated the money by paying himself significant management fees depleting investors' funds, and causing the hotel properties to go into foreclosure with a loss of over $5 million to investors.  

For more details go to: https://www.justice.gov/usao-wdtx/pr/austin-man-sentenced-hotel-investment-fraud-scheme.