An Nazareth attorney who pleaded guilty last month to defrauding clients of more than $2.7 million has been disbarred.
Todd H. Lahr, who had offices on Hamilton Street in Allentown, did not
contest efforts by the state attorney disciplinary office to disbar him,
according to an order filed in state Supreme Court.
Lahr, 60, pleaded guilty April 23 to conspiracy to commit securities
fraud and wire fraud, securities fraud and wire fraud. He is scheduled
to be sentenced Aug. 3 by U.S. District Judge Edward G. Smith.
Federal prosecutors in March made public an indictment charging Lahr
with persuading clients to invest in global business opportunities that
didn’t exist.
Instead, the U.S. attorney’s office in Philadelphia said, Todd Lahr
raised more than $2.7 million from victims that he used to make payments
to earlier investors and to pay his home mortgage, his child’s school
tuition, utility bills, and other personal expenses.
Lahr told investors, who included clients of his Allentown law
practice, that he and Megas would use their money to invest in business
opportunities around the world, including mining companies in Papua New
Guinea and properties in London and Barcelona, court records say.
According to court records, Lahr fraudulently told his investors that
100% of their money would be used for investments. He persuaded some to
invest by providing promissory notes that he claimed would provide a 10%
annual return on their investments. Lahr allegedly gave others shares
of THL Holdings, the indictment says.
Lahr raised money from at least 20 different investors, the indictment
alleges. He and a business partner also face a lawsuit from the U.S.
Securities and Exchange Commission seeking the return of profits from
the alleged scheme with interest and fines. It also seeks court orders
against future violations of the federal securities laws.
Full Article & Source:
Nazareth lawyer disbarred after admitting Ponzi scheme
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