Gregg E. Steinnagel—Investment Fraud
E. Steinnagel Ran Alleged Bogus Investment Scheme, Swindled $1.7 Million from 20 Investors
Gregg Steinnagel, 54, and of Chicago, allegedly ran a bogus investment scheme that supposedly swindled $1.7 million from at least 20 investors, according to recent SEC documents.
The SEC also alleges that Steinnagel reportedly worked with a now deceased co-schemer, Jeffrey Fazzio, a restaurant/department store worker who was posed as an attorney. Many of the 20 investors claim they entrusted their retirement savings with Steinnagel and Fazzio.
Steinnagel and Fazzio allegedly promised investors that their cash would be invested and repaid at high rates of interest with no risk of loss. Instead, the SEC notes, Steinnagel and Fazzio reportedly kept most of the money, and used the funds to gamble at casinos in the Chicago area, Florida and Nevada.
Gregg Stennagel Ordered to Pay $1,734,270 in Restitution to 20 Investors in His Fraud Scheme
Gregg Stennagel has been ordered to a three year term of supervised release and to pay $1,734,270 in restitution to 20 victims of the fraud scheme, according to the SEC. Steinnagel was ordered to report to the Bureau of Prisons on July 10, 2015.
Gregg Steinnagel, 54, pleaded guilty last November to one count of wire fraud, according to a statement from the U.S. attorney’s office.
Prosecutors in the case claim that Steinnagel and Fazio provided the alleged victims with fabricated promissory notes purportedly signed by the owners of real estate securing the victims’ investments.
The Peiffer Rosca Wolf Investment Recovery Lawyers Often Represent Investors
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. 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 misconduct may contact the investment recovery lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.