Norristown man charged with running Ponzi scheme that bilked more than $3.8 million
Richard L. McNeil "duped" dozens of people with a promise of monthly payments and full returns on principal investments, the state attorney general said Monday.
A 59-year-old Norristown man has been charged with allegedly running a Ponzi scheme that cheated investors of more than $3.8 million, Pennsylvania Attorney General Dave Sunday said.
Richard L. McNeil was charged Friday by the Pennsylvania State Police with felony theft by deception, dealing in proceeds of unlawful activity, violations of the Pennsylvania Securities Act, and related offenses.
McNeil, who was expected to turn himself in on Monday and be arraigned, allegedly solicited funds from investors by promising he would invest their money in various opportunities that would generate steady returns, Sunday said.
The investors allegedly were told by McNeil that they would receive monthly interest payments and the eventual return of their full principal investment. However, he did not actually invest the victims’ money, according to Sunday.
More than $1.8 million remains owed to 50 investigators, Sunday said. Some investors did receive payouts, but others allegedly sustained six-figure losses, Sunday said.
Court records did not list a lawyer representing McNeil.
“This defendant duped dozens of people into investing substantial funds — victims who believed they were to see monthly gains, but instead were left with depleted bank accounts and unanswered pleas for their money,” Sunday said in a statement.
“Investment fraud is obviously devastating to victims, and we will work hard to recover restitution as part of this prosecution,” Sunday said.
