Patrick Belzner, of Glen Arm, Maryland, has been indicted by a federal
grand jury in Baltimore on charges of conspiring to commit mail fraud
related to an alleged investment scam. Belzner, who also used the name
Patrick McClosky, has been accused of taking $14 million from investors
in the scam.
According to the US Attorney’s Office, Belzner and an unnamed colleague
convinced investors to put money into his company, which was involved
in commercial real estate projects. Investors were told that their cash
would go into an escrow account and that a large escrow account was needed
to show “liquidity” to lenders. The pair allegedly told investors
that their cash would not be used without express permission. Unfortunately,
it is believed that the pair instead sent false statements to investors
and used the cash in the escrow account to pay off earlier investors,
personal debts, and business debts.
This is not the first time Belzner has been arrested for financial misconduct,
either; Belzner was previously involved in an embezzlement case in 1999.
At that time, he pleaded guilty to conspiring to embezzle at least $250,000
from a Columbia-based company.
Belzner could be ordered to 20 years in prison if convicted for his involvement
in the most recent investment fraud case.
If you or your family member have sustained losses in a MarylandPonzi scheme, investment scam, or other form of financial fraud, Meyer Wilson may be able to help. We have represented investors nationwide in
stockbroker mediation, arbitration, and litigation. Speak with us today to schedule a completely
free case evaluation with one of our investment fraud lawyers.