Law enforcement officials say a northeast Ohio man has been indicted in a Ponzi scheme to defraud 19 investors out of several million dollars.
U.S. Attorney Steven Dettelbach (DEHT'-ehl-bahk) in Cleveland said Wednesday that 36-year-old Geoffrey Nehrenz of Uniontown faces charges that include wire fraud and money laundering.
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No attorney was listed for Nehrenz. A phone number listed for him was disconnected.
Authorities say between October 2009 and September 2013, Nehrenz sold investment contracts to clients through a Uniontown company. They claim he induced at least 19 clients to invest about $7 million into a hedge fund, resulting in losses of almost $5.5 million.
According to the indictment, rather than investing the funds, Nehrenz used client money to pay his personal expenses, prolong his investment scheme, and make high-risk transactions.