North Hills Man Admits Defrauding Investors
PITTSBURGH - A resident of Allison Park, Pennsylvania pleaded guilty in federal court to a charge of wire fraud, Acting United States Attorney Soo C. Song announced today.
Cameron Howat, 57, of Allison Park pleaded guilty to one count before United States District Judge David Stewart Cercone.
In connection with the guilty plea, the court was advised that Howat solicited investment funds from friends and acquaintances for the purpose of investing those funds in the foreign exchange market. Howat represented to the investors that his compensation for making the investments on their behalf would be to take fifty percent of the profits from the investments. Instead of investing all of the funds, as promised to the investors, Howat took some of their money and used it to pay for personal expenses.
Judge Cercone scheduled sentencing for November 3, 2017 at 10 a.m. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.
Assistant United States Attorney Shaun E. Sweeney is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Howat.