A Lancaster County man has been indicted on charges related to an alleged investment fraud scheme that authorities say resulted in approximately $402 million in losses for investors. Daryl F. Heller, 55, of Lititz, Pennsylvania, was arrested and charged with one count of securities fraud and four counts of wire fraud, according to United States Attorney David Metcalf.
Prosecutors allege that Heller controlled several companies based in Lancaster, including Paramount Management Group, LLC. This company purchased and operated ATMs in the Eastern District of Pennsylvania and across the country. Heller also controlled Heller Capital Group LLC and Prestige Investment Group, LLC. Prestige was the majority owner of four companies referred to as the “Prestige Management Companies,” which managed more than two dozen other companies called the “Prestige ATM Funds” and “WF Velocity ATM Funds.”
According to the indictment, from January 2017 through December 2024, Heller solicited about $770 million from investors by promising their money would be used to buy and operate ATMs on their behalf. Investors were told they would receive fixed monthly payments generated by these ATMs.
Authorities allege that much of the money collected was not used as promised but instead went toward paying earlier investors, covering personal expenses for Heller, or paying business debts. The indictment also claims many of the ATMs said to have been purchased did not exist or were not operating.
The document further alleges that Heller created fraudulent records overstating both the number of ATMs in operation and their revenues. These records were allegedly used to attract new investments and reassure existing investors.
In April 2024, Paramount stopped making monthly payments to investors after new investments ceased coming in. No investor payments have reportedly been made since then despite promises from Heller through December 2024. By December 2024, Paramount had gone out of business with unpaid principal amounts totaling around $402 million for fund investors.
“The magnitude of the offense alleged by this indictment is enormous,” said U.S. Attorney Metcalf. “Daryl Heller allegedly piled lie upon lie, in order to bilk thousands of victims of their hard-earned money. This case is a prime example of the diligent and detailed work done by FBI Philadelphia’s white-collar crime branch, and the economic crimes section in our office.”
“Complex financial fraud cases like this demand close coordination, because no single agency can see the entire picture alone,” said Wayne A. Jacobs, Special Agent in Charge of the FBI's Philadelphia Field Office. “Together, we brought the combined resources of federal, state, and local law enforcement—pairing the FBI’s investigative reach, the SEC’s regulatory expertise, and the insights of our local partners on the ground. That collective effort, strengthened by persistence and information-sharing, allowed us to peel back the layers of deception and uncover the full scope of this alleged scheme.”
If convicted on all charges, Heller could face up to 100 years in prison.
The FBI led the investigation with help from several local law enforcement agencies including those from Lancaster County as well as local township police departments.
In addition to criminal charges filed by federal prosecutors,the Securities and Exchange Commission (SEC) announced parallel civil charges against Heller today.
The indictment is an accusation; defendants are presumed innocent unless proven guilty.
