NORRISTOWN — A Norristown man is accused of operating a Ponzi scheme to bilk investors of more than $3.8 million by using a ruse that the funds would be invested and generate monthly returns.
Richard Lance McNeil, 59, whose exact address was not available, faces felony charges of theft by deception, dealing in proceeds of unlawful activity, deceptive business practices, violations of the Pennsylvania Securities Act, and a misdemeanor charge of securing execution of documents by deception in connection with alleged activities that occurred over the course of several years dating back to 2013.
McNeil surrendered to authorities and was arraigned on the charges on Monday night before District Court Judge Douglas H. Lavenberg. Following his arraignment, McNeil was released on $250,000 unsecured bail to await an Aug. 3 preliminary hearing on the charges before District Court Judge Richard H. Welsh…