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Man Accused of $2.4 Million Investment Scam

Posted on May 28, 2011

Belleville, IL resident Edward Moskop, who two decades ago was banned from ever selling securities again, now faces charges from the federal government alleging he swindled investors out of $2.4 million in an investment scam.

The indictment against Moskop states that he took $2.4 million from 25 different investors, including relatives and military veterans, for his own personal use. This is after apparently hiding the fact that he wasn't allowed to trade in securities any longer.

The original complaint, which was made in 1990 by the National Association of Securities Dealers, alleged that he swindled $30,000 from two separate investors. He was banned from trading again as a result, but that didn't stop the alleged con man.

Moskop reportedly created fake receipts of investments for his most recent victims, while providing fake account numbers and forged certificates to keep up the illusion of propriety. Moskop even supposedly sent fake annual statements showing made-up returns on would-be investments.

Now, Moskop faces mail fraud and money laundering charges, which together carry a possible punishment of 30 years in prison and $500,000 in fines. Moskop has his first court appearance for these charges on June 6th.

Moskop also faces a suit filed in November by the SEC for supposedly taking $300,000 from an elderly Polish immigrant couple living in Chicago.

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