NJ Planner Pleads Guilty in $9.7M Ponzi Scheme

Paul Beers, 67, of Clinton, New Jersey, pleaded guilty to federal wire fraud for running a Ponzi scheme through his Bedminster-based KJM Financial business from 2015 to 2025. Prosecutors say he collected more than $11 million from at least 65 investors by promising to invest their money, but diverted funds to personal and business expenses and used new investors’ money to repay others. He also issued fabricated financial reports showing nonexistent investment gains, and the scheme left victims with losses exceeding $9.7 million. Beers faces up to 20 years in prison and is required to pay restitution; his sentencing is scheduled for March 9, 2027.