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Komfie Manalo, Opalesque Asia: Ohio-based hedge fund manager Geoffrey W. Nehrenz was accused of running a Ponzi scheme and defrauding his investors with an estimated $5.5m.
Nehrenz, 36, was charged with one count of securities fraud, three counts of wire fraud, one count of mail fraud, one count of fraud by an investment advisor, and two counts of money laundering, the Federal Bureau of Investigation (FBI) said in a release on Jan.14.
Stephen D. Anthony, Special Agent in Charge of the FBI's Cleveland Office said, "Geoffrey Nehrenz callously preyed on the desires of 19 individuals to make wise investments and duped them out of millions. The FBI will continue to root out fraudsters like Mr. Nehrenz."
Investigators said Nehrenz promoted and sold investment contracts between October 2009 and September 2013 to clients through his hedge fund Keystone Capital Management, which is based in Uniontown. The firm was registered in Ohio as an investment adviser firm but not with the Securities and Exchange Commission (SEC). He acted as the firm’s managing member, president and chief executive officer, records showed.
"Promoters of Ponzi schemes prey upon trusting investors and then steal their hard-earned money. Investors should be wary that programs promising unbelievable returns on investments should be looked at c...................... To view our full article Click here
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