Cases by state
Ponzi schemes in Pennsylvania
35 cases announced 2009–2026, involving about $1.3B in reported investor money. Most common types: investment funds & advisory, real estate and crypto & digital assets. Listed by where the main defendant was based.
The largest by reported amount: Daryl F. Heller ($770M, 2026). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “funded through the operation of the atms and btms”
- “monthly interest payments and the return of their full principal investment”
- “obtain regular returns, or 'interest,' on their capital loan investments”
- “his prior business successes and personal wealth”
- “guaranteed fixed returns”
- “offering a solid return”
- “publicly traded securities that would generate consistent high returns”
- “guaranteed investors returns of 227% to 363%”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Aug 10, 2026 | Daryl F. Heller | Lititz, PA | Crypto & digital assets | $770M |
| Jun 29, 2026 | Richard L. McNeil | Norristown, PA | Investment funds & advisory | $3.8M |
| Dec 18, 2025 | VBit Technologies Corp. Danh C. Vo |
Philadelphia, PA | Crypto & digital assets | $95.6M |
| Nov 1, 2023 | Stanislav Bril | Jamison, PA | Real estate | $1M |
| Jun 14, 2023 | Ownable LLC, Ownable Capital Partners I LLC Josh S. Verne |
Gladwyne, PA | Investment funds & advisory | $30M |
| Mar 8, 2022 | EmpowerCoin, ECoinPlus, Jet-Coin Dwayne Golden, Gregory Aggesen, Marquis Demacking Egerton, William White |
Harrisburg, PA | Investment funds & advisory | $40M |
| Jul 20, 2020 | Philip Elvin Riehl | Bethel Township, PA | Investment funds & advisory | $60M |
| Mar 24, 2020 | THL Holdings LLC, Ferran Global Holdings Inc. Todd H. Lahr, Thomas Megas |
PA | Real estate | $1.4M |
| Aug 28, 2019 | Broad Reach Capital, Broad Reach Partners, Bristol Advisors Brenda A. Smith |
Philadelphia, PA | Trading, forex & commodities | $100M |
| Jul 18, 2019 | Capital Energy Group LLC William J. Milles Jr., Donald J. Lutzko |
PA | Energy & alternative assets | $3.9M |
| Jul 3, 2019 | Payroll Professionals Inc. Myles Hannigan |
Newtown Square, PA | Investment funds & advisory | $3.3M |
| Jun 21, 2018 | James E. Hocker | Bellefonte, PA | Investment funds & advisory | $1.3M |
| Mar 16, 2018 | Legal Coverage Group Ltd. Gary Frank |
Bala Cynwyd, PA | Lending & cash advance | $30M |
| Dec 8, 2017 | The Haverford Group Paul W. Smith |
Wayne, PA | Investment funds & advisory | $2.4M |
| Jun 30, 2017 | Global Standard Industries, SEK Industries Carl Frederic Sealey, Eric Enge |
Philadelphia, PA | Investment funds & advisory | $1.5M |
| Apr 27, 2017 | John Hogan | Swissvale, PA | Insurance-linked | $8.2M |
| Oct 19, 2016 | Golan Barak | Pittsburgh, PA | Real estate | $2M |
| Jul 1, 2016 | William Joseph Boyle | Bala Cynwyd, PA | Real estate | $400,000 |
| May 6, 2016 | Blazer Capital Management Louis Martin Blazer III |
Pittsburgh, PA | Investment funds & advisory | $2.4M |
| Nov 23, 2015 | Parker Financial Services Bernard M. Parker |
Indiana, PA | Real estate | $1.2M |
| Jul 1, 2015 | Malcolm Segal | Langhorne, PA | Investment funds & advisory | $15.5M |
| Feb 10, 2015 | Muskey Financial Services Jason A. Muskey |
Moosic, PA | Investment funds & advisory | $2M |
| Oct 16, 2014 | Tri-State Group, Tri-State Investment Holdings Inc. Marie Mikesche Bontigao |
West Chester, PA | Real estate | $2M |
| Sep 30, 2014 | Dennis F. Wright | Lewistown, PA | Investment funds & advisory | $1.5M |
| Jul 16, 2014 | Blue Mountain Consumer Discount Company Walter P. Lambert (aka Buddy) |
Pen Argyl, PA | Lending & cash advance | $5M |
| Jun 6, 2014 | KS Investments, Buckharbor Patricia S. Miller |
Pittsburgh, PA | Investment funds & advisory | $5M |
| Sep 27, 2013 | Richard Allen Freer | Palmer Township, PA | Investment funds & advisory | $10M |
| Jun 7, 2013 | Edward J. & Company, La Porte Jewelers Matthew James Addy |
Lancaster, PA | Investment funds & advisory | $3.4M |
| May 7, 2012 | PhoneCard USA Istvan Merchenthaler (aka Steve Merchenthaler) |
Downingtown, PA | Investment funds & advisory | $2M |
| Mar 30, 2012 | Anthony J. Lupas Jr. | Wilkes-Barre, PA | Energy & alternative assets | $5M |
| Jun 3, 2011 | PJI Distribution Corporation Ira J. Pressman |
Bala Cynwyd, PA | Investment funds & advisory | $6M |
| Jun 29, 2010 | Life's Good Inc, Keystone State Capital Corporation Robert Stinson Jr. |
Berwyn, PA | Real estate | $16M |
| Sep 23, 2009 | 4 Life LLC, My Home Banc Terence Mayfield |
Phoenixville, PA | Real estate | $1M |
| Apr 20, 2009 | Acorn Capital Management LLC, Acorn II LP, Oak Grove Partners LP Donald Anthony Walker Young |
Coatesville, PA | Investment funds & advisory | $23M |
| Jan 8, 2009 | Joseph Forte L.P. Joseph S. Forte |
Broomall, PA | Trading, forex & commodities | $50M |