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Press Release

Former Financial Advisor Charged In Scheme To Defraud Clients

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

PHILADELPHIA – An indictment, unsealed today, charges Jason C. Weigand, 47, of Denver, PA, in a scheme to defraud clients of his financial advising businesses, Nations First Financial Group (“Nations First”) and First Financial Princeton LLC (“First Princeton”), announced Acting United States Attorney Louis D. Lappen.  Weigand is charged with (i) three counts of bank fraud; (ii) four counts of wire fraud; (iii) two counts of mail fraud; (iv) three counts of aggravated identity theft; (v) four counts of accessing a protected computer without authorization; and (vi) four counts of money laundering.  According to the indictment, as a result of the alleged scheme, Weigand’s clients lost more than $290,000.


According to the indictment, Weigand was a registered investment advisor in Pennsylvania between 2009 and 2014 and in New Jersey between 2011 and 2014.  During this period, Weigand held himself to clients as a knowledgeable and reputable source of investment advice, recommending investments in both securities and insurance products.  However, notwithstanding his obligation to act primarily for the benefit of his clients and to observe high standards of commercial honor, the indictment alleges that he diverted the funds of his clients, using it for personal, business, and other purposes unrelated to the investment objective of those clients. 


According to the indictment, AR met Weigand when he became the homeowners’ insurance agent for AR and her husband.  In April, 2005, Weigand attended AR’s husband’s funeral and, around that time, suggested that he become AR’s investment advisor.  Feeling vulnerable, AR agreed. She directed Weigand to keep her money safe for retirement and not to invest it in any high risk assets.  Instead, however, Weigand used $60,000 of AR’s money to fund accounts in the name of another client and then Weigand withdrew that money for his own personal and business purposes.  Further, according to the indictment, Weigand used forged documents to open a different account in AR’s name at a brokerage, and induced AR to fund that account with almost $200,000 of her own funds.  Unbeknownst to AR, that account had check writing privileges, which Weigand used to write checks of at least $98,000 for his own benefit. 


Later, according to the indictment, AR started to become suspicious of Weigand’s management of her funds.  In an effort to cover up his own misconduct, the indictment alleges that Weigand hacked into AR’s email, used forged documents to open an account in AR’s name at another brokerage, and funded that account with money stolen from other clients.  Weigand then impersonated that client in telephone calls and emails with that brokerage. 


If convicted, Weigand faces a maximum statutory sentence of more than 20 years in prison, possible fines, a minimum sentence of 2 years, and up to three years of supervised release. Weigand would be required to pay a $2,000 special assessment.  A notice of forfeiture for $290,000 is also attached.


The case was investigated by the United States Postal Inspection Service, the Pennsylvania Department of Banking and Securities, and the Pennsylvania Insurance Department, Enforcement Division and is being prosecuted by Assistant United States Attorney Paul Shapiro.


An Indictment is an accusation.  A defendant is presumed innocent unless and until proven guilty.

Updated October 23, 2017

Financial Fraud