William A. Stehl Allegedly Baited Investors to Alt Energy Technology with False Promises
William A. Stehl, of Ventura, California, pleaded guilty to federal charges which alleged that he operated an $8 million investment scam which roped in investors with false promised regarding the development of an alternate technology.
William A. Stehl, 69, pleaded guilty in federal court to the following five counts: allegedly conspiring to commit mail and wire fraud, lying to federal agents, two counts of attempting to elude the payment of federal income taxes for calendar years 2003 and 2004, and allegedly entering a false federal income tax return for calendar year 2003.
William A. Stehl faces up to 38 years in federal prison when he faces sentencing in December. Stehl and a co-defendant, Richard M. Rossignol, 64, of Los Angeles, California, were arrested in California in 2010.
Stehl, Rossignol, and others allegedly obtained more than $8 million from more than 300 victims, and ventured to procure at least an additional $50 million. Investors never received the returns promised by Stehl and Rossignol, and a majority of the collected cash was squandered for personal uses.
Stehl and Rossignol Allegedly Touted Precious Metals Slag Pile in Silver City, New Mexico
The conspiracy count against Stehl and Rossigno alleged that, from 2001 through March 2010, Stehl, and Rossignol swayed victims to invest money in companies that were supposedly developing or appropriating a purported alternative energy source Stehl claimed he had developed related to the processing of precious metals allegedly contained in a slag pile in Silver City, New Mexico.
Investment Fraud Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of investment fraud. 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 may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.