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Lehigh Valley Attorney Indicted for $2.7M Ponzi Scheme
PHILADELPHIA – Todd H. Lahr, a 60-year-old attorney from Nazareth, PA, has been charged with perpetrating a multiyear securities fraud scheme that targeted his own law clients.
According to a Superseding Indictment unsealed in the Eastern District of Pennsylvania, Lahr used the investor funds to finance his own lifestyle, paying his home mortgage, his child’s school tuition, utility bills, and other personal debt.
Total investor losses are estimated to be over $2.7 million. The scheme involved the fraudulent sale of the securities of two entities, THL Holdings, LLC and Ferran Global Holdings, Inc.
Lahr raised funds for the two companies by soliciting investments from his clients, telling them that their money would be used for a variety of business opportunities, most prominently, a mining operation in Papua New Guinea.
“Lawyers are entrusted to uphold the law, not break it,” said U.S. Attorney William M. McSwain. “And what is particularly disturbing here is that Lahr allegedly targeted the very people he owed a duty of loyalty to – his clients.
“Instead of serving their interests, he allegedly stole almost $3 million from them so he could indulge himself. I want to thank our law enforcement partners at the FBI and SEC, along with the attorneys in the Fraud Section of the U.S. Attorney’s Office, who worked with my Office to put an end to this fraud and hold the defendant accountable.”
The case was investigated by the Federal Bureau of Investigation, and is being prosecuted by Assistant United States Attorney Michael J. Rinaldi and Trial Attorney Philip B. Trout.
An Indictment, Information, or Criminal Complaint is an accusation. A defendant is presumed innocent unless and until proven guilty.
Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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