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May 19, 11

NEWS / Belleville Businessman Indicted in Investment Fraud Scheme


A federal grand jury returned a two-count indictment against Belleville businessman Edward Lynn Moskop, age 63, United States Attorney for the Southern District of Illinois Stephen R. Wigginton announced today. Moskop was indicted on mail fraud and money laundering charges. If convicted, Moskop faces a sentence of up to 20 years on mail fraud, up to 10 years on the money laundering, as well as a $250,000 fine and three years of supervised release on each charge.

The indictment alleges that Moskop, operating as Financial Services Moskop and Associates, Inc., acted as a securities broker for several customers making mutual fund and other investments. In 1990, after a complaint made by the National Association of Securities Dealers (NASD) for misusing funds, Moskop had been barred from association with any member of the NASD and was no longer registered to act as a broker in the securities industry. It is alleged that from 1991 to 2010, Moskop persuaded customers to provide him with funds for investment, but instead of making the investment, he kept the funds for his own use. It is alleged that Moskop created and mailed to his customers fraudulent receipts for investments identified with fraudulent account numbers. It is alleged that Moskop obtained by fraud from 1991 to 2010 approximately $2,400,000 from 25 victims, including his own relatives, persons referred by trusted friends and attorneys, a local VFW Post, as well as long-time customers of his insurance business.

The investigation of the scheme was conducted by the Internal Revenue Service Criminal Investigation, the U.S. Postal Inspection Service, the Federal Bureau of Investigation, the State of Illinois Securities Department, and the U.S. Securities and Exchange Commission Division of Enforcement, which has filed a civil lawsuit against Moskop in the Northern District of Illinois. The criminal case is being prosecuted by Assistant United States Attorney Michael J. Quinley.

An indictment is a formal charge against a defendant. Under the law, a defendant is presumed to be innocent of a charge until proven guilty beyond a reasonable doubt to the satisfaction of a jury.

People who believe they have been a victim of securities fraud should contact the Illinois Securities Department at 1-800-628-7937. If you suspect or know of an individual or company that is not complying with the tax laws, you may report this activity by contacting the local Internal Revenue Service/Criminal Investigation Office at (618) 622-2160 or by mailing information to: Internal Revenue Service, Fresno, CA 93888

http://springfield.fbi.gov/dojpressrel/pressrel11/si051811.htm

Tags: criminal investigation,
 




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