NE Ohio Investment Advisor Accused of $7 Million Ponzi Scheme
Meyer Wilson is currently investigating claims involving an unregistered investment advisor from Northeast Ohio, Geoffrey W. Nehrenz.
In a new investment fraud case coming out of Northeast Ohio, an unregistered investment advisor has been accused of operating a $7 million Ponzi scheme. According to the indictment filed just two days ago, 36-year-old Geoffrey W. Nehrenz (CRD# 4301019) got his clients to invest in a hedge fund and is now facing multiple charges, including securities fraud and money laundering.
The alleged misconduct took place between October 2009 and September 2013, during which time Nehrenz is accused of luring at least 19 people to invest around $7 million in the hedge fund he was promoting. His clients lost nearly $5.5 million. Instead of investing his clients' money as promised, Nehrenz is accused of taking the money for his own personal use.
Nehrenz's indictment explains that at the time of the alleged misconduct, Nehrenz was the "managing member, president and CEO" of Keystone Capital Management (not registered with the SEC), and the hedge fund he was managing at the time was Keystone Active Trader, LLC (also not registered with the SEC). The indictment lists several brokerage accounts that he ran money through, including Charles Schwab, Penson Financial Services, Lightspeed Financial, and Merrill Lynch.
Investors who lost money in Nehrenz's scheme may be able to recover their losses. Meyer Wilson helps investors who have suffered substantial financial losses through investment misconduct like Nehrenz is accused of. Last year alone, we were able to help our clients recover more than $29 million. To learn more about your legal rights and options, contact an investment fraud lawyer at Meyer Wilson for a free case review.