Gregory Michael Vogel, also known as Gregory Michael Schneider, has been sentenced to 51 months in federal prison for orchestrating an investment scheme that defrauded investors of over one million dollars. The sentencing was announced by Acting United States Attorney Robert E. McGuire for the Middle District of Tennessee.
“Our office will continue to vigorously pursue fraud and prosecute fraudsters like Vogel in order to vindicate the victims of their schemes,” stated McGuire. “Prison sentences like this one send a clear message to fraudsters: we will not tolerate those who prey on victims to steal their money. We will find you, we will stop you, and we will hold you accountable.”
The case involved eight counts of wire fraud and one count of money laundering. Special Agent in Charge Donald “Trey” Eakins from the Charlotte Field Office, Internal Revenue Service Criminal Investigation remarked, “We are committed to unraveling intricate financial transactions and money laundering schemes where individuals attempt to conceal the original source of their money.”
According to court documents, between April 2015 and May 2019, Vogel solicited investments for foreign currency exchange websites and software ("forex websites"), promising substantial returns. However, he misrepresented these investments' potential and concealed material information about his background and prior legal issues from investors.
Vogel had previously been sued under his former name Gregory Michael Schneider for similar fraudulent activities resulting in a permanent injunction against him providing business investments or advice. He was also subject to legal action by the Commodity Futures Trading Commission (CFTC), which led to another permanent injunction against certain trading activities.
Following his prison term, Vogel will undergo three years of supervised release. He is also ordered to pay forfeiture money judgments totaling $1,297,540 related to his offenses.
The investigation was conducted by IRS-Criminal Investigation and the United States Postal Inspection Service with Assistant U.S. Attorney Chris Suedekum prosecuting the case.
