A Hickman investment adviser has admitted guilt in what federal authorities describe as one of the largest bank fraud conspiracies in Nebraska history.
On Monday, 35-year-old Jesse Hill pleaded guilty in federal court to conspiracy to commit bank fraud. His plea was entered before U.S. Magistrate Judge Jacqueline DeLuca, who scheduled his sentencing for September. Hill now faces up to 30 years in federal prison and a fine of up to $1 million.
According to the U.S. Attorney’s Office, Hill has also agreed to pay restitution and forfeit his interest in a Puerto Rico property, a PC-12/47E Pilatus aircraft, and funds held in a Charles Schwab account.
While not identified by name in official documents, Hill’s former business partner is referred to as “Individual 1” — widely believed to be Aaron Marshbanks, a Nebraska real estate investor who died by apparent suicide in a downtown Lincoln parking garage in November 2022. His family has since challenged the suicide ruling.
Following Marshbanks’ death, financial institutions across the state discovered they had issued millions of dollars in loans based on falsified financial statements. These documents allegedly misrepresented the value of collateral, with Hill providing fraudulent investment account records to back them up.
Court filings reveal the scheme began in November 2020, when Hill and Marshbanks worked together to secure loans from at least 19 banks and financial institutions across Nebraska and western Iowa. The pair claimed the loans would fund real estate ventures, using fake investment accounts as collateral. Hill, through his firms JT Equity and First SOJO, falsely claimed these accounts were legitimate and under his management.
Authorities say Hill fabricated invoices and concealed the fact that multiple lenders were unknowingly using the same fictitious accounts as collateral.
In total, the duo attempted to obtain more than $45.6 million in loans, much of which was funneled into a failed investment scheme. Funds from newer fraudulent loans were allegedly used to repay older ones — a classic hallmark of Ponzi-style fraud.
Hill is the first person to face criminal charges in connection to the scheme. A wave of civil lawsuits from affected financial institutions has already followed in the wake of the fallout.
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