Former Denver Financial Advisor Charged With Federal Charges While On Bail: US Attorney’s Office | Local News

Former financial adviser indicted in 2017 for defrauding clients over hundreds of thousands of dollars faces new charges after officials say he defrauded a woman of at least $ 250,000, according to the prosecutor’s office American from the Eastern District of Pennsylvania.

Jason C. Weigand, 50, of Denver, was on bail for similar offenses when he used the client’s money for his own bills, including two car loans, according to a press release.

Investigators say Weigand helped a former client, identified only as “AH” in court documents, recover her life insurance policies when her husband died.

Weigand convinced the woman to give him at least $ 250,000 and said he would invest the money on her behalf, the prosecutor’s office said.

Instead, Weigand used the money to make payments on his credit cards and to pay off two of his auto loans – one for a Lincoln MKZ and the other for a Chevrolet Suburban, the statement said.

When Weigand was previously charged in October 2017 with embezzlement of funds belonging to his clients, he was released on the condition that he did not commit any federal, state or local crime, the prosecutor’s office said.

In the 2017 case, Weigand is accused of defrauding other customers of nearly $ 300,000.

Not only has he committed almost the same crimes he was originally arrested for, but Weigand has not been licensed to act as an investment advisor since 2014, according to the prosecutor’s office. He was an investment advisor registered in Pennsylvania between 2009 and 2014 and in New Jersey between 2011 and 2014, but has been unlicensed since.

“In the case of his Pennsylvania license, Weigand terminated it on April 10, 2014, the same day he was questioned by investigators from the Pennsylvania Department of Banking and Securities about his activities as an investment advisor. “said the attorney’s office.

US Attorney William McSwain called Weigand a “disrespectful serial fraudster.”

Weigand has been the subject of an investigation by the United States Postal Inspection Service and is being prosecuted by United States Deputy Prosecutors Katherine Driscoll and Paul Shapiro.

If convicted, Weigand faces a possible maximum sentence of 120 years in prison, a fine of $ 1.5 million, 3 years of supervised release and a special assessment of $ 600, the prosecutor’s office said.