DOJ, SEC charge owner of Pennsylvania companies of running $770M Ponzi scheme
By 
Adrianne Appel2025-09-04T17:31:00
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned, the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) said Wednesday.
Daryl Heller and two of his companies, Prestige Investment Group and Paramount Management Group, caused investors to lose $400 million, according to the agencies.
From 2017 through June 2024, Heller raised $770 million from 2,700 investors through Prestige, telling investors he had launched a successful, national ATM (automated teller machine) network, run by Paramount. Heller controlled both companies, as well as Heller Capital Group. Prestige owned or managed more than 24 related companies. Paramount went out of business in April 2024, and Prestige and a related company stopped making payments to investors at that time, leading to investor losses of about $402 million, according to the DOJ.
Related articles
-
News BriefSEC charges duo in $275 million water vending machine Ponzi scheme
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission.
-
ArticleEx-CCO sentenced to 6-plus years in prison for role in Ponzi scheme
Vania May Bell, the former chief compliance officer and comptroller at Executive Compensation Planners, was sentenced to more than six years in prison for her role in a Ponzi scheme that defrauded clients of more than $11 million.
-
Article
Ex-chief compliance officer pleads guilty in Ponzi scheme
Vania May Bell, the former chief compliance officer and controller of Executive Compensation Planners, pleaded guilty for participating in a Ponzi scheme with her father that defrauded clients out of more than $11 million.
More from Regulatory Enforcement
-
News BriefSupreme Court allows Trump to remove FTC commissioner ahead of final ruling
The U.S. Supreme Court temporarily allowed President Trump to remove a Federal Trade Commission commissioner without cause on Monday, setting up a final battle over whether he can dismiss commissioners despite congressional rules.
-
ArticleBoard chair of Puerto Rico bank helped its collapse by siphoning millions
The board chair of a failed Puerto Rican bank played a key role in its $92 million collapse by robbing it of more than $13.6 million, the Department of Justice said Monday. Juan Francisco Ramirez, board chair of Nodus International Bank, pleaded guilty to stealing the millions, agreed to forfeiture ...
-
News BriefBank of America Securities avoids prosecution over market manipulation case
The DOJ announced Thursday that it has declined to prosecute Bank of America Securities over lapses related to a spoofing scheme conducted by two former employees that went on for almost seven years.