Charles G. Shomo, Ponzi Scheme, Virginia 2023

A Radford man has been charged with operating a Ponzi scheme, defrauding investors out of more than $590,000.

Charles G. Shomo, 63, of Radford, Virginia, was charged by a federal grand jury sitting in the United States District Court for the Western District of Virginia in Roanoke.

According to the indictment, Shomo founded P&G Enterprises LLC in 1999, a business originally established to purchase and set-up retail ATM and credit card processing systems throughout Virginia, West Virginia and North Carolina.

However, it is alleged that between December 2006 and June 2013, Shomo solicited investors under the representation that investor funds would be used to load ATM units and generally fund the operation of the ATM business.

Unbeknownst to investors, Shomo was using investor funds for his personal expenses and to help fund an unrelated scooter business.

Assistant United States Attorney C. Patrick Hogeboom III and Gauhar R. Naseem, Associate General Counsel-Financial Services, Office of General Counsel for the Virginia State Corporation Commission will prosecute the case for the United States.

A Grand Jury Indictment is only a charge and not evidence of guilt. The defendant is entitled to a fair trial with the burden on the government to prove guilt beyond a reasonable doubt.

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