HENDERSONVILLE, Tenn. (WKRN) — A Middle Tennessee man has been sentenced to nearly five years in federal prison in connection with a fraudulent million-dollar investment scheme.

According to the U.S. Attorney's Office for the Middle District of Middle Tennessee, 52-year-old Gregory Michael Vogel also known as Gregory Michael Schneider of Hendersonville and Gallatin pleaded guilty to eight counts of wire fraud and one count of money laundering for the fraudulent scheme.

“We are committed to unraveling intricate financial transactions and money laundering schemes where individuals attempt to conceal the original source of their money,” Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, Internal Revenue Service Criminal Investigation, said. “Our special agents will continue to use their financial expertise to find and investigate allegations of investor fraud schemes alongside our law enforcement partners.”

Court documents revealed that between April 2015 and May 2019, Vogel allegedly devised a scheme to defraud victims he had solicited to invest money with his company in a foreign currency exchange. Vogel claimed that the business would generate substantial revenue.

Vogel allegedly made false representations about the investments, his management of the foreign currency exchange website and the ownership structure of the website.

“Our office will continue to vigorously pursue fraud and prosecute fraudsters like Vogel in order to vindicate the victims of their schemes,” acting U.S. Attorney Robert E. McGuire said. “Prison sentences like this one send a clear message to fraudsters: we will not tolerate those who pray on victims to steal their money. We will find you, we will stop you, and we will hold you accountable.”

He had also been sued by previous investors for a different investment offering, the U.S. Attorney's Office said, and Vogel had been permanently enjoined from soliciting or providing business investments or business advice in the future.

Ultimately, Vogel is subject to a forfeiture money judgment in the amount of $1,177,540 for the first eight counts and a forfeiture money judgment in the amount of $120,000. Additionally, Vogel will be on supervised release for three years and was sentenced to 51 months in federal prison.

News Source : https://www.wkrn.com/news/local-news/man-allegedly-laundering-more-than-1-million/