Glen Arm Man Indicted for $14 Million Maryland Investment Scam
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.