Read the latest news relating to investor claims and broker fraud.

Owner of Ohio Investment Company Indicted on Fraud Charges

William E. Schneider II of North Olmsted, Ohio was indicted by a federal grand jury last week on charges of fraud, according to an Oct. 14 WKYC-TV.com article. Schneider is accused of misappropriating investor funds, resulting in approximately $470,558.44 in investor losses.

Allegedly from around October of 2006 to April of 2008, Schneider solicited investments in his company, Estate Conservation Group, LLC., by promising high returns to investors. However, according to the article, rather than investing the funds in his company as he had promised, Schneider stole the funds and used investor money for his own purposes.

The indictment charges Schneider with both mail fraud and bank fraud. The charge of bank fraud is connected to a $65,000 auto loan from Capital One that was secured with a vehicle owned by someone other than Schneider.

Assistant United States Attorneys Henry F. DeBaggis and John D. Sammon will prosecute the case.

About our law firm:

The Ohio-based law firm of Meyer Wilson represents individual investors who have been harmed by investment fraud. Contact us toll-free at 1.866.827.6537 for more information.

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