Pennsylvania Investment Firms Operated Ponzi Scheme
You may be eligible for compensationThe U.S. Securities and Exchange Commission (SEC) has announced charges for Daryl F. Heller of Pennsylvania and his companies, Prestige Investment Group, LLC and Paramount Management Group, LLC, for operating a multi-year $770 million Ponzi scheme that resulted in investor losses of approximately $400 million.
Heller has been accused of misrepresenting his firms as operating a nationwide ATM network for which investors would receive monthly distributions. The payments were represented to investors as originating from profit made from ATM transaction fees and other charges when people used ATMs.
Early investors believed they were paid from ATM profits as promised but were reportedly paid using money from new investors and short-term loans. Heller may have misappropriated $185 million for personal reasons including the purchase of a beach house and other risky businesses.
Criminal charges have been filed against Daryl Heller and his companies Prestige Investment Group and Paramount Management Group in U.S. District Court for the Eastern District of Pennsylvania.