Rolla Man Sentenced to Seven Years in Prison for Forex Trading Scam
St. Louis, MO – Daniel Keith Steele was sentenced today to seven years in prison in connection with a fraud scheme involving trading in foreign currencies. Steele pled guilty in October of last year to soliciting more than $2 million from more than 20 investors who had hoped to realize the extraordinary returns promised by Steele, which were sometimes as high as one percent to five percent per month.
As Steele previously admitted at his plea hearing, Steele invested only a fraction of the money he solicited in foreign currency markets. Instead, according to court documents, he spent investor funds on himself and his family, including the purchase of two different vehicles at a total cost of nearly $100,000, and repaid some later investors with funds contributed by earlier investors. Steele also admitted to generating false reports for investors that reflected returns that Steele had never achieved, and of creating and providing similar false documents when questioned by investigators. According to court documents, of the more than $2 million solicited from investors, only approximately $1.2 million was ever invested by Steele in foreign currency trading.
Steele, 57, Rolla, MO, pled guilty in October to one felony count of mail fraud and four felony counts of wire fraud. Steele appeared today for sentencing before United States District Judge Henry E. Autrey, in St. Louis.
The case was investigated by the U.S. Postal Inspection Service. Assistant United States Attorney Richard E. Finneran handled the case for the U.S. Attorney’s Office.