index-news
Placeholder Banner Image

philadelphia man Charged With running investment scam

FOR IMMEDIATE RELEASE
October 25, 2012

 

Stephan L. Schneider, 70, of Philadelphia, PA was charged 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.

UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525

 

Return to Top