Collin Siegle Pleads Guilty to Fraud Charges
Collin Siegle, 27, a Lansing investment professional, pled guilty to charges of wire fraud and money laundering. A charge of bank fraud was dismissed as part of his plea bargain. Siegle was charged with misappropriating roughly $1 million of investor money for personal use. Siegle bought himself a house and luxury cars with his customers’ funds.
Siegle was accused of siphoning investor money from their bank accounts and into his personal accounts. He used these illicit funds to purchase a house and luxury cars according to an affidavit by one of the FBI agents investigating the case.
Once he induced investors to entrust him with their savings, Seigle did not invest the money as promised but instead used it for personal gain, according to the charges.
Federal prosecutors initially asked for a sentence ranging from 46 to 57 month. Siegel insisted that the total amounts he took from his investors was closer to $400,000 to $1 million. Between this and his plea of guilty his lawyers argued that the sentence should be reduced to 37 to 47 months.
Siegle is reported to be a loner with no family contacts, who was initially able to avoid being detected by the FBI.
District Judge Stephan J. Murphy III also ordered Siegle to pay $1 million in restitution to his employer.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.