Floridian Sentenced To Prison For Fraudulent Investment Scheme
PITTSBURGH, Pa. - Acting United States Attorney Robert S. Cessar announced today, March 25, 2010, that Ronald J. Monach, Jr., a resident of Seminole, Florida, has been sentenced in federal court in Pittsburgh to 30 months in prison on his conviction of wire fraud and mail fraud.
United States District Judge Nora Barry Fischer imposed the sentence on Monach, age 44.
Assistant United States Attorney Paul E. Hull advised the court that Monach devised a fraudulent investment scheme, wherein he claimed that he had the ability to invest money in bank securities for an extremely high rate of return with little or no risk to the principal. As a result of his false representations and promises, a victim‑investor was induced into investing $3 million into purported bank securities, when in fact no such investment opportunity existed or was made. The scheme resulted in a $2 million loss of the victim's money.
Mr. Cessar commended the United States Postal Inspection Service for the investigation leading to the successful prosecution of Monach.
