A Middle Tennessee man was charged in a million dollar investment scheme aimed to defraud unsuspecting investors, the Department of Justice said in a recent press release.
The Hendersonville man who also lived in Gallatin – known as Gregory Michael Vogel and Gregory Michael Schneider – was charged on eight counts of wire fraud and one count of money laundering in relation to an investment scheme.
According to the statement, Vogel was arrested Wednesday morning by federal agents after a join investigation by the IRS-Criminal Investigation and the United States Postal Inspection Service.
The Department noted Assistant U.S. Attorney Chris Suedekum is prosecuting the case.
Authorities day that from April 2015 to May 2019, “Vogel devised a scheme to defraud investors by soliciting individuals to make investments with his company in foreign currency exchange (forex) websites and software.” He then claimed the forex websites would generate substantial revenue, “providing investors with thousands of dollars in monthly profits, before eventually being sold to a third party, so that Vogel and the investor could both realize an even greater return on the investment.”
The indictment also asserted Vogel “induced investors to make investments in the forex websites by omitting and concealing material information about Vogel’s background and investment history” as well as his management of the forex websites, his breaches of promises and contractual provisions, and the actual ownership structure of the forex websites.
Prosecutors say Vogel, under the name of Gregory Michael Schneider, was sued by investors for a prior investment offering and “was found liable for committing fraud, breach of fiduciary duty, and conversion, among other acts.” As a part of a settlement with Commodity Futures Trading Commission (CFTC), he was prohibited from soliciting or providing any business investments or investment advice in the future.
Authorities allege Vogel and his business received over $1 million from more than a dozen investors, much of which he converted to his own personal use.
If convicted, the Tennessean faces up to 20 years in prison on each wire fraud count, and up to 10 years in prison for money laundering. “The indictment also contains a forfeiture allegation in which the government seeks to forfeit any property derived from the proceeds of the crimes, including a money judgement in the amount of at least $1,177,540.00.”
The statement included the clarifying statement “an indictment is merely an accusation. The defendant is presumed innocent until proven guilty in a court of law.”
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Morgan Nicole Veysey is a reporter for The Tennessee Star and The Star News Network. Follow her on Twitter. Email tips to [email protected].
Photo “Stack of 100 Dollar Bills” by Unknown Author. CC BY-SA 2.0.