Skip to main content
Press Release

Former Financial Advisor from Berks County Convicted of Fraud, Money Laundering for Scheme to Steal from Clients

For Immediate Release
U.S. Attorney's Office, Eastern District of Pennsylvania

PHILADELPHIA – United States Attorney Jennifer Arbittier Williams announced that Jason Weigand, 51, of Sinking Springs, PA, was convicted at trial on thirty counts involving multiple charges of fraud, money laundering and identity theft arising from his elaborate scheme to steal money from his own financial advisory clients.

In October 2017, the defendant was charged by Indictment, which was then superseded several times. Further, while the defendant was out on bail awaiting trial, he committed additional fraud crimes, which resulted in a second indictment. Weigand was ultimately charged with thirty counts involving multiple counts each of wire fraud, mail fraud, bank fraud, interstate transportation of stolen property, unauthorized access to a computer, aggravated identity theft, money laundering, and committing offenses while on bail.

During the nearly 15 years that he served as an investment advisor and proclaimed himself a knowledgeable and reputable source of investment advice, the defendant repeatedly stole money from his clients and went to great lengths to cover up his thefts. Weigand laundered the stolen funds by passing them through a variety of bank accounts, and he even hacked into one client’s email account and accessed emails between the client and another investment advisor.

“Weigand has proven himself to be serial fraudster with no respect for the law or the fiduciary obligations of a financial advisor, and today a jury agreed,” said U.S. Attorney Williams. “Rather than serving his clients, he served himself. Prosecuting financial fraud, and thereby safeguarding innocent investors who stand to lose everything, will always be a priority for this Office.”

“With today’s guilty verdict, Jason Weigand’s victims may finally find some closure on their abuse at the hands of this serial fraudster,” said Postal Inspector in Charge of the Philadelphia Division Damon Wood.  “Mr. Wiegand was dishonest in his dealing with them, and not surprisingly, that dishonesty extended through trial.  Fortunately, a jury saw through his dishonesty and found him guilty of fraud. Postal Inspectors, picking up the work of investigators from the Pennsylvania State Department of Banking and Securities, along with prosecutors from the United States Attorney’s Office, saw this investigation through seven years of delays, a pandemic, continued criminal conduct by the defendant, and a nearly three-week trial.  I applaud the tireless efforts of the investigators and prosecutors on this case.”

The case was investigated by the United States Postal Inspection Service and the Pennsylvania State Department of Banking and Securities, and is being prosecuted by Assistant United States Attorneys Paul G. Shapiro and Christopher J. Mannion.

Contact

UNITED STATES ATTORNEY’S OFFICE
EASTERN DISTRICT OF PENNSYLVANIA
615 Chestnut Street, Suite 1250
Philadelphia, PA 19106

JENNIFER CRANDALL
Media Contact
215-861-8300

If you have not done so already, follow @USAO_EDPA and @USAttyWilliams on Twitter to get the most up-to-date information about big cases and community news.

Updated May 26, 2022

Topic
Financial Fraud