Serial Fraudster Weigand Indicted While Out on Bail

PHILADELPHIA – Jason C. Weigand, 50, of Denver, PA, is facing fresh federal charges, accused of defrauding a vulnerable client while already free on bail for a nearly identical scheme. United States Attorney William M. McSwain announced the indictment today, detailing a pattern of deceit and blatant disregard for the law.

The latest indictment alleges Weigand exploited a widow, identified only as “AH,” after the death of her husband. He allegedly assisted her with life insurance claims, then swindled her out of at least $239,000, promising to invest the funds. Instead, the government claims, Weigand funneled the money into his own pockets – paying down personal credit lines, a Visa card, and financing his Lincoln MKZ and Chevy Suburban. It’s a familiar tune, according to authorities.

This isn’t Weigand’s first rodeo. In October 2017, he was initially indicted for misusing client funds. Released on bail with the condition he stay out of trouble – specifically, “not commit any Federal, State, or local crime” – he allegedly doubled down, committing the offenses outlined in the current indictment. The feds say Weigand wasn’t even licensed to act as an investment advisor during the time of the alleged crimes. His licenses in both Pennsylvania and New Jersey were voluntarily surrendered in 2014, the Pennsylvania license terminated the very day he was questioned by state banking investigators.

“Weigand is alleged to be a serial fraudster with no respect for the law,” McSwain stated bluntly. “Rather than serving his clients, he served himself.” The U.S. Attorney’s Office has made prosecuting financial and securities fraud a top priority, aiming to protect vulnerable investors from predators like Weigand.

Damon Wood, Postal Inspector in Charge, highlighted the Postal Inspection Service’s long history of tackling investment fraud, from 19th-century “snake oil salesmen” to modern-day Wall Street schemes. “Since 2017, while preparing to defend himself on those charges, Mr. Weigand went back to his old ways, stealing money from his investment clients,” Wood said. “I applaud the diligence of the investigators and prosecutors in this case to not only prepare for trial but to follow up on allegations of new crimes.”

If convicted on all counts, Weigand faces a potential sentence of up to 120 years in prison, a $1,500,000 fine, 3 years of supervised release, and a $600 special assessment. The case is being prosecuted by Assistant United States Attorneys Katherine Driscoll and Paul Shapiro, with the investigation led by the United States Postal Inspection Service. It’s important to remember that an indictment is merely an accusation, and Weigand is presumed innocent until proven guilty in a court of law.