A man from Middle Tennessee named Gregory Michael Vogel, also known as Gregory Michael Schneider, was sentenced to 51 months in federal prison for running a large investment scam that stole more than one million dollars from victims. Vogel admitted to lying to investors and hiding important information about his background in order to trick them into handing over their money.
The Scam: False Promises of Big Investment Profits
Between April 2015 and May 2019, Gregory Vogel convinced people to invest their money in foreign currency exchange websites, often called “forex websites.” He told investors that these websites would earn thousands of dollars every month and that eventually the websites would be sold for even bigger profits.
But Vogel’s promises were lies. Court documents show that he misled investors about how the forex websites worked, who really owned them, and how he was managing the investments. He also hid from investors the fact that he had been sued in the past for fraud and other serious financial wrongdoings under his former name, Gregory Michael Schneider. Because of those past actions, he had been legally banned from offering any investment advice or soliciting investments.
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In addition, Vogel had entered an agreement with the Commodity Futures Trading Commission (CFTC), a government agency, which permanently stopped him from trading or being involved in certain financial transactions.
Because of these deceptions, many people lost their money, totaling over one million dollars.
Investigation, Charges, and Sentence
The case was investigated by the Internal Revenue Service’s Criminal Investigation unit and the United States Postal Inspection Service. These agencies use special skills to track down and stop financial crimes like fraud and money laundering.
Vogel pleaded guilty to eight counts of wire fraud and one count of money laundering. Wire fraud means using electronic tools like phones or the internet to commit a scam, and money laundering is when someone hides where illegal money came from.
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Acting United States Attorney Robert E. McGuire announced that Vogel was sentenced to 51 months in federal prison. After his prison term, Vogel will be supervised for three years to make sure he does not commit more crimes.
In addition to the prison sentence, the court ordered Vogel to pay back over $1.17 million for the fraud counts and $120,000 for money laundering.
Officials Speak Out
Robert E. McGuire said that the government will keep working hard to find and punish fraudsters like Vogel. “We will not tolerate those who prey on victims to steal their money,” McGuire said. “We will find you, we will stop you, and we will hold you accountable.”
Donald “Trey” Eakins, Special Agent in Charge of the IRS Criminal Investigation in Charlotte, said that his team uses its financial expertise to uncover complicated fraud and money laundering schemes. He added that the agency is committed to protecting investors and holding criminals responsible.
Assistant U.S. Attorney Chris Suedekum prosecuted the case, working to ensure justice for the victims.
