Philadelphia Man Charged with Running Investment Scam
|U.S. Attorney’s Office October 25, 2012|
Stephen L. Schneider, 70, of Philadelphia, Pennsylvania, was charged in an information, filed late yesterday, with two counts of wire fraud, announced United States Attorney Zane David Memeger. Schneider owned and operated Investment Holding Group Ltd. (IHG), a company he claimed invested in municipal bonds for clients. According to the information, Schneider promoted IHG to clients as an investment in tax-free municipal bonds. Instead of using his clients’ funds to invest in bonds, Schneider allegedly used the money to fund another business he owned. It is further alleged that Schneider created false financial statements to make it appear as though the investment was legitimate.
If convicted, the defendant faces a maximum possible sentence of 40 years in prison, three years’ supervised release, a $500,000 fine, and a $200 special assessment.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney David L. Axelrod.
An information is an accusation. A defendant is presumed innocent unless and until proven guilty.