A Montgomery County man convinced dozens of people to sink over $3.8 million into investment opportunities that were really a Ponzi scheme, prosecutors say.
State police filed charges against Richard L. McNeil on Friday. The 59-year-old Norristown resident allegedly solicited money from victims by offering profitable investments that would generate consistent returns. He promised them monthly interest payments, officials say, and a full return of their initial investments.
Though some early investors received payouts, many more lost substantial sums. According to the state investigation, several victims invested over $200,000 in the scheme and 50 investors are still owed over $1.8 million…