California Man Is Charged in a $5.5 Million Hedge Fund Ponzi Scheme
Geoffrey Nehrenz, an investment adviser, was charged with defrauding 19 investors out of $5.5 million in a Ponzi scheme involving a hedge fund.
The Ponzi scheme took place between October 2009 and September 2013 through Keystone Capital Management, based in Lake Township, California and run by Nehrenz. During this period, Nehrenz sold investment contracts to clients through a Uniontown company. They claim he allegedly induced at least 19 clients to invest about $7 million into a hedge fund, resulting in losses of almost $5.5 million.
Rather than investing the funds, Nehrenz used client money to pay his personal expenses, prolong his investment scheme, and make high-risk transactions.
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