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Ponzi Scheme, Fraud & Accounting Malpractice

Ben Dash, Esq. and Mary Chatten, Esq., are currently representing a number of victims in South Jersey and southeastern Pennsylvania in a Ponzi scheme, investment fraud and accounting malpractice case against Stephan L. Schneider, of Philadelphia, who recently pled guilty to two counts of wire fraud.

Moorestown Law Firm Represents Victims of Ponzi Scheme Mastermind Stephan L. Schneider

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Philadelphia Business Journal by Jeff Blumenthal, Reporter

October 25, 2012,

A Philadelphia man was charged late Wednesday by means of criminal information with running an investment scam, the U.S. Attorney’s Office in Philadelphia said.

Stephan L. Schneider, 70, was charged with two counts of wire fraud after promoting his company, Investment Holding Group Ltd., as an investment in tax-free municipal bonds. Instead of using his clients’ funds to invest in bonds, prosecutors said, Schneider allegedly used the money to fund another business he owned. Prosecutors further alleged that Schneider created false financial statements to make it appear as though the investment was legitimate. Prosecutors said the alleged fraud was in excess of $1 million.

Prosecutors said the alleged scheme occurred between 2006 and 2011. To ensure it was not uncovered, prosecutors said, Schneider created bogus financial reports that he sent to investors, which falsely credited his victims’ investment accounts when these fictitious bonds matured.

A criminal information, as opposed to an indictment, usually means the defendant has reached a plea agreement with prosecutors.