Pennsylvania Man Charged With Stealing $2M From Investors
By Terrie Morgan-Besecker, The Times-Tribune, Scranton, Pa. |
Prosecutors say the 38-year-old targeted vulnerable victims who did not have much knowledge about investments. In some cases he forged clients' signatures to withdraw funds. In others he had them sign withdrawal slips under the premise he was reinvesting the money, but instead deposited it into his own accounts.
He hid the thefts through a Ponzi scheme, in which he used money from new investors to pay off earlier investors who sought to withdraw funds. He would also send clients bogus quarterly statements.
"This day couldn't come soon enough," said
Prosecutors also want to recoup funds for the victims. The plea deal requires
"I told him I wanted to keep it safe. He kept it safe alright. He put it right in his pocket," he said.
"He was a representative of
Attempts to reach
Contact the writer: [email protected]
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