HARRISBURG, PA — A Montgomery County man is accused of operating a Ponzi scheme that allegedly defrauded dozens of investors out of more than $3.8 million by promising steady returns that authorities say never materialized.
Attorney General Dave Sunday announced that Richard L. McNeil, 59, of Norristown, has been charged with felony theft by deception, dealing in proceeds of unlawful activity, violations of the Pennsylvania Securities Act and related offenses.
According to investigators, McNeil solicited money from investors by claiming he would place their funds into various investment opportunities that would generate consistent monthly returns. Investors were allegedly promised monthly interest payments and the return of their principal investment at the end of the investment term.
The joint investigation by the Pennsylvania State Police and the Office of Attorney General’s Financial Crime Section determined that, despite allegedly guaranteeing returns, McNeil did not invest the victims’ money as promised.
“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.”
According to the investigation, more than $1.8 million remains owed to 50 investors. Authorities said some early investors received payouts, but several victims allegedly suffered six-figure losses, including multiple investors who each lost more than $200,000.
The Pennsylvania State Police filed charges Friday. McNeil surrendered to authorities Monday and was arraigned later that same day.
The case was investigated by the Pennsylvania State Police with assistance from the Office of Attorney General’s Financial Crime Section and is being prosecuted by Senior Deputy Attorney General Philip McCarthy and Deputy Attorney General Noelle Wilkinson.
All suspects, arrestees, and defendants are presumed innocent until proven guilty in a court of law.
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