NORRISTOWN, PA — A Montgomery County man organized an elaborate Ponzi scheme that ripped off investors of more than $3.8 million, the state's attorney general's office announced.
Richard L. McNeil, 59, of Norristown, has been charged with theft by deception and related counts.
McNeil convinced dozens of victims to invest significant amounts of money in a wide variety of "investment opportunities" that he told them would generate steady, monthly returns. He also promised the return of their full investment after a certain period.
But McNeil did not actually invest any money, officials said.
“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,” Attorney General Dave Sunday said.
Multiple victims lost over $200,000, with a total of about 50 victims, according to Pennsylvania State Police.
Charges were filed on Friday, June 26 and McNeil turned himself in on Monday, June 29.
A preliminary hearing is forthcoming.
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