Todd Lahr from Nazareth, Pennsylvania, has been indicted by a federal judge after it was discovered that he played a role in an investment fraud scheme, promising a high return on investments, costing clients $2.7 million.
The culprit, a lawyer by profession, has been indicted on two counts of security fraud, one for conspiracy to commit securities and wire fraud, and four counts of wire fraud. Authorities claim that from 2012 to 2019 Todd Lahr engaged in a ponzi like scheme, which cost its victims $2.7 million.
The official court document revealed further details of the sham. Lahr, as it turns out, had been contacting less experienced traders, even digging into his portfolio of clients.
Lahr and his accomplices face a possible penalty of 20 years in prison and a fine amounting to $250k.
Recently, it was made clear that the fraudsters, including Lahr, had been using the money, not only for mundane purposes, but also for paying back investors in the ponzi scheme with the intent of prolonging it.
For now, the defendants have not been found guilty. An indictment is only a formal charge of a crime, which means that the case is expected to develop.