HARRISBURG, Pa. (AP) — A central Pennsylvania man is facing federal fraud charges for allegedly cheating investors of more than $400,000.
An attorney representing 34-year-old Christopher Engel of Glen Rock, York County, said Engel plans to plead guilty to wire fraud at his arraignment.
The U.S. Attorney's Office in Harrisburg said Monday that Engel operated a currency trading group from his home, called Pinnacle Forex Group, and received $411,000 from 21 investors between June and October 2012 but invested only $137,000.
Federal prosecutors allege Engel used the rest of the money for personal expenses, and eventually even withdrew the $137,000 for his own use.
U.S. Attorney Peter Smith said the wire fraud charge carries a penalty of up to 20 years in prison. Any plea agreement would require approval by a federal judge.