News and Press Releases

Ohio man indicted for running ponzi scheme

FOR IMMEDIATE RELEASE
July 11, 2012

An indictment was filed charging Terrance Osberger, age 48, of Genoa, Ohio, with one count of wire fraud and 48 counts of money laundering related to a Ponzi scheme, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

Osberger’s alleged conduct took place between February 2008 and November 2010, when he owned and operated Eagle Trades, LTD, a self-styled high-yield investment program that Osberger managed, according to the indictment.

He operated a web site, www.eagletrades.net, to entice investors with the promise of extremely high returns on their investments. In one case he promised a 1,100 percent return over a 190-day period, according to the indictment.

Osberger listed Eagle as a subsidiary of Falcon Financial Group Limited, with addresses in Belize and the Commonwealth of Dominica and utilitzed Aurum Capital Holdings, which maintained several offshore bank accounts during the scheme, according to the indictment.

Osberger misused investor funds for his own personal use. In other cases, he misused investor proceeds to repay earlier investors in what is commonly known as a Ponzi scheme, according to the indictment.

The scheme involved transfers of nearly $1.8 million, according to the indictment.

If convicted, the defendant’s sentence will be determined by the Court after reviewing factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense and the characteristics of the violation. In all cases the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.

The investigating agency in this case is the Internal Revenue Service, Toledo, Ohio. The case is being handled by Assistant United States Attorney Joseph R. Wilson.

An indictment is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.

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