PennLaw, LLC

Criminal Defense Representation In State And Federal Courts

Free Initial Consultation
Butler: 724-602-4583
Pittsburgh: 412-342-8000
Review Us

Man pleads guilty to fraud charges in Pennsylvania federal court

A man has pleaded guilty in federal court in Pennsylvania to perpetrating a loan scheme that netted a significant profit. The man, age 34, entered a guilty plea during proceedings on March 18. He was accused of federal fraud of nearly $4 million, having allegedly taken money from people who were looking for loans for their humanitarian endeavors.

Authorities say that the man established a company called Worldwide Funding. The man was accused of convincing at least three dozen investors that they could receive significant loans after providing an initial investment. Those individuals reportedly handed over between $60,000 and $90,000 after being promised overseas loans of 10 million euros in exchange. That would be the equivalent of about $14 million, according to industry experts.

The defendant was accused of telling investors that they could essentially receive the money at no cost, since the loans would fund a bank program that would pay the loan off on its own. He promised investors that their money would generate a 14 percent weekly return. Instead, prosecutors said that the man took about 45 percent of the investors' money, spending it on expensive trips, dinners, and objects such as clothing and cars. Meanwhile, the man was accused of telling investors that they only needed to wait for the loan process to be approved.

The man is just one of the more than 200 individuals that have been targeted by federal investigators for securities fraud since 2010. News reports do not describe the exact charges that the man faces. Those reports also have not revealed potential penalties for the man's admitted crimes.

Criminal defendants who are considering pleading guilty to federal fraud charges may benefit from consulting a Pennsylvania attorney. These professionals can provide additional information about plea options and defendants' rights. An arrest and indictment for fraud does not mean that a defendant is automatically considered guilty.

Source: Pittsburgh Tribune-Review, "Florida man pleads guilty in Pittsburgh federal court to scam netting $3.9 million" Adam Brandolph, Mar. 19, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

Arrested? Contact Us Today

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

106 South Main Street
Suite 801
Butler, PA 16001

Phone: 412-342-8000
Fax: 724-284-9402
Butler Law Office Map

100 Ross St.
Suite 340
Pittsburgh, PA 15219

Phone: 724-602-4583
Fax: 724-284-9402
Map & Directions