NJ Financial Planner Admits to $9.7M Ponzi Scheme

• Paul Beers pleaded guilty to wire fraud
• Authorities say he collected more than $11 million from at least 65 investors through a Ponzi-like scheme
• Victims suffered more than $9.7 million in losses

TRENTON, N.J. – TRENTON, N.J. – A New Jersey financial planner who operated a college planning and financial services business in Somerset County has admitted to running a Ponzi scheme that defrauded victims out of more than $9.7 million over more than 10 years.

Late last week, 67-year-old Paul Beers of Clinton pleaded guilty to one count of wire fraud.

How the Ponzi Scheme Worked

Federal authorities said from as early as January 2015 through November 2025, Beers owned and operated KJM Financial in Bedminster, NJ, which provided, among other things, college planning and consulting, and financial planning services.

Over those ten years, Beers, operating through KJM, orchestrated a Ponzi-like scheme and fraudulently accepted over $11 million from at least 65 victims.

Beers induced the victim investors to provide him with cash with the promise that their funds would be invested in various financial accounts, including guaranteed income contracts.

fan of 100 U.S. dollar banknotes

Nearly $10 Million in Investor Losses

But instead of investing their money as promised, he misappropriated the funds, using it to pay off his own business and personal expenses, as well as to pay back certain victim investors to further his scheme and avoid detection.

At times, officials said Beers created false reports purporting to show investment gains on the funds they had entrusted to him.

Last November, the Ponzi scheme fell apart and, overall, his victims suffered aggregate losses of more than $9.7 million.

Beers now faces up to 20 years in prison and a fine of $250,000, or twice the gross loss to the victims or gain to the defendant, whichever is greatest.

A plea agreement entered into between the Government and Beers requires him to make restitution to his victims.

Sentencing is scheduled for March 9th of next year.

FBI Investigation Continues

The investigation launched by the FBI is ongoing, and anyone who believes they may be a victim of Paul Beers may report their situation to NK-Victim-Assistance@FBI.GOV.

Chris Coleman is a South Jersey native and has been a cornerstone of the Atlantic City radio market since 1998. He serves as Brand Manager for WPG Talk Radio 95.5 and afternoon on-air personality for Cat Country 107.3. A five-time President's Circle award winner and Townsquare Media's 2024 Content Creator of the Year, Chris covers news, events, and stories of interest across Southern New Jersey. Story tips: chris.coleman@townsquaremedia.com