Christopher A. Engel, Wire Fraud, Pennsylvania 2024

A Glen Rock, Pennsylvania man has been charged with defrauding 21 investors out of over $400,000.

According to the U.S. Attorney’s Office for the Middle District of Pennsylvania, Christopher A. Engel, 34, was charged with wire fraud in connection with his operation of Pinnacle Forex Group (‘PFG’), LLC, a currency trading firm that he operated from his home.

A plea agreement was also filed indicating that Engel intends to plead guilty when he appears for his arraignment in federal court. Engel faces up to twenty years’ imprisonment, restitution, and fines, if convicted.

Between June 2011 and October 2012, Engel allegedly received $411,500 from 21 investors throughout the United States that was supposed to be invested in the Foreign Exchange Market (‘Forex’). The charges filed today indicate that Engel only invested $137,000 of the money into the Forex market and later withdrew those funds for personal expenses.

The remaining funds were never invested and simply used by Engel for personal expenses.

The case was investigated by the FBI and is assigned to Senior Litigation Counsel Bruce Brandler for prosecution.

Engel’s crime occurred between June 2011 and October 2012 in Glen Rock, Pennsylvania.

Engel’s sentence has not been determined yet, but he faces up to twenty years’ imprisonment, restitution, and fines.

The maximum penalty under the federal statute is 20 years imprisonment, a term of supervised release following imprisonment, and a fine of over $250,000.

Indictments and Criminal Informations are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

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