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November 30, 2020

Posted  November 30, 2020

An attorney in Pennsylvania who defrauded his own clients through a $2.7 million Ponzi scheme has been sentenced to 6.5 years in prison and ordered to pay over $2.1 million in restitution and $273,091 in forfeiture.  In pleading guilty earlier this year, Todd Lahr admitted to soliciting investments from his clients for business opportunities that didn’t actually exist—including property leases in Europe and mining operations in Papua New Guinea—and then using the money that he didn’t spend on personal expenses to pay prior investors.  The monetary penalty in this criminal action will be offset by the final judgment obtained by the SEC in June; in the parallel civil action with the SEC, Lahr was ordered to pay over $1.1 million in disgorgement and pre-judgment interest.  DOJ; USAO EDPA

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Ponzi Schemes,