MONTCO Male Charged By State Attorney General For Duping Investors In Multi Million Dollar Ponzi Scheme
by Alex Lloyd Gross
Pennsylvania State Attorney General Dave Sunday announced that Richard L. McNeil, 59, of Norristown was charged with theft by decption, securities fraud and other offenses. This started from an investigation by the Financial Crimes Section of the Attorney General’s Office.
McNeil would make guarantees on peoples money who invested with him but never actually invested anything.
According to the investigation, McNeil solicited funds from investors by claiming he would invest their money in various investment opportunities that would generate steady returns. Investors were promised monthly interest payments and the return of their full principal investment at the conclusion of the investment term.
The investigation revealed that more than $1.8 million remains owed to 50 investors, though some initial investors did receive payouts. Several victims sustained six-figure losses. Multiple victims lost over $200,000 to McNeil. The total amount he is accused of swindling is clients out of is around $3.8 Million, Sunday said.
“This defendant duped dozens of people into investing substantial funds — victims who believed they were to see monthly gains, but instead were left with depleted bank accounts and unanswered pleas for their money,” Attorney General Sunday said. “Investment fraud is obviously devastating to victims, and we will work hard to recover restitution as part of this prosecution.”