York County man charged with defrauding investors out of more than $400,000
A York County man intends to plead guilty to federal wire fraud charges. The U.S. Attorney’s Office says Christopher A. Engel, 34, operated a currency trading firm called Pinnacle Forex Group from his Glen Rock home.
According to court documents, Engel created Pinnacle Forex Group(PFG) in 2010 and advertised it on the internet as “a full scale currency investment firm, that was “in the top 1% of currency traders.”.
Between June 2011 and October 2012, Engel allegedly received $411,500 from 21 investors throughout the United States that was supposed to be invested in “Forex”, the Foreign Exchange Market. The charging documents indicate that Engel only invested $137,000 of the money in the Forex market and later withdrew those funds for personal expenses. The remaining funds were never invested and simply used by Engel for personal expenses.
Engel’s attorney filed a plea agreement indicating that Engel intends to plead guilty when he appears for arraignment in federal court in Harrisburg. Engel faces up to twenty years in prison, restitution and fines, if convicted.