Uniontown resident Geoffrey W. Nehrenz, 36, has been hit with an eight-count federal indictment for orchestrating a massive Ponzi scheme that defrauded 19 investors out of approximately $5.5 million, according to the Department of Justice.
Nehrenz stands accused of securities fraud, wire fraud, mail fraud, and money laundering, among other charges. United States Attorney Steven M. Dettelbach branded Nehrenz’s actions as a betrayal of trust, noting that the defendant exploited individuals who invested their hard-earned money in hopes of securing wise investments.
Stephen D. Anthony, Special Agent in Charge of the FBI’s Cleveland Office, echoed Dettelbach’s sentiment, stating that the FBI is committed to eradicating fraudsters like Nehrenz from society. ‘Nehrenz callously preyed on the desires of 19 individuals to make wise investments and duped them out of millions,’ Anthony commented.
Kathy A. Enstrom, Special Agent in Charge of the IRS Criminal Investigation’s Cincinnati Field Office, warned investors against programs promising extraordinary returns, emphasizing the importance of due diligence. ‘Investors should be wary that programs promising unbelievable returns should be looked at carefully,’ she said.
The indictment details Nehrenz’s operation through Keystone Capital Management, LLC, a registered investment advisory firm he managed as managing member, president, and CEO from October 2009 to September 2013. He allegedly misled clients into believing their funds would be pooled and invested securely, only to use the money for personal expenses and speculative ventures.
The investigation leading to Nehrenz’s charges was conducted by agents of the FBI and IRS. If convicted, Nehrenz could face significant penalties determined by the court after considering his prior criminal record, role in the offense, and characteristics of the violation.
Related Federal Cases
- Georgia’s Crabtree & Donnan Hit with 85-Count Ponzi Scheme Indictment · Georgia
- Bowling Green Man Charged With VA Fraud Scheme · Ohio
- Toledo Men Accused of $23M Dinar Fraud Scheme · Ohio
- Toledo Man Gets Eight-Year Sentence for $62k Fraud Scheme · Ohio
- Bartoli Busted: Fugitive Ponzi Scheme Kingpin Held in Peru · New Hampshire
Key Facts
- State: Ohio
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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