John Guyette, 60, of Felton, Michigan, Has Been Charged With Securities Fraud

John Guyette is a senior vice president at Community Bankers Securities, LLC and has been charged with felony securities fraud.

He sold MedCap private placements to multiple investors who did not have an established investment relationship with him, in violation of federal law. His negligence put his clients at substantial risk and resulted in over $1 million worth of losses.

Early Life and Education

Jack Guyette was an accomplished craftsman and owner of a successful truck repair business in Felton for over 40 years. He also contributed his expertise to other causes such as being an active member of the Emergency Medical Services community and enjoying outdoor activities like snow plowing in New Jersey.

On December 19, 2022, Jack passed away surrounded by his loving family. In addition to Peggy, his wife of 51 years, Jack leaves behind eight sisters and a brother. His many colleagues as well as friends and relatives will remember him fondly. To honor his memory, please donate in his name to any charity of your choice (please see below for the name).

Professional Career

John Guyette was a general employment lawyer who protected employers against allegations of discrimination, harassment, retaliation and wage/hour violations. A member of the American Bar Association, he had practiced law in Michigan for more than 50 years.

He and his wife Lois Van Abel have been involved with Bellin Health for more than two decades in a variety of capacities. His contributions include founding the Esther Randolph Soeter Memorial Scholarship to enable more students to pursue nursing careers.

She also contributed her time and talents to numerous local and national organizations. She served on the board of directors for both Green Bay Women’s Club and YMCA of America.

Achievements and Honors

John Guyette is a passionate family man as well as an accomplished professional. His professional achievements include serving as executive director of a university YMCA and development coordinator for United Way of Champaign County.

He is a retired Marine Corps pilot who has flown over thirty types of military aircraft. Throughout his career, he has earned several honors and awards, such as the Bronze Star with Combat Distinguishing Device and Meritorious Service Medal.

In addition to his professional success, he is an active community volunteer. Together with his wife, they have worked hard to instill in their children the value of giving back and volunteering for United Way as program funding reviewers and on committees.

Personal Life

John Guyette was a loving husband and father. He loved spending time with his grandchildren as well as RV traveling.

He was an active participant in many local community organizations and a champion for elderly citizens.

He had a remarkable work ethic and passion for helping others. Additionally, he served as an inspirational mentor to numerous young Emergency Medical Services (EMS) personnel.

Net Worth

John Guyette is the former president of Blue Cross Blue Shield of Minnesota, one of America’s leading health insurance companies. In February he took a new post as chief executive officer at VSP Global, a health insurer headquartered in California.

He has served on the boards of Eagan-based Prime Therapeutics and Further, a for-profit pharmacy benefit manager. Furthermore, he was previously president of national accounts at Connecticut-based Aetna Inc.

Prosecutors say Guyette failed to investigate MedCap before selling it to clients. According to an affidavit, some of his investors – including an elderly 92-year-old woman – lost their life savings. Ultimately, the Securities and Exchange Commission shut down MedCap, which promoted investments in medical receivables such as unpaid doctors’ and hospital bills.