Investment Advisor Jason C. Weigand Indicted for Fraud While Out on Bail For Similar Offenses

(STL.News) – United States Attorney William M. McSwain announced that Jason C. Weigand, 50, of Denver, PA has been charged by Indictment with mail fraud, wire fraud, and interstate transportation of stolen securities, while on bail for separate, similar offenses.

The Indictment announced today alleges that Weigand helped a former client of his, identified in court documents as “AH,” recover on life insurance policies when her husband died.  Weigand later convinced AH to provide him with at least $239,000, which he told her that he would invest on her behalf.  However, according to the Indictment, Weigand did not invest the client’s money in appropriate investments as he promised, but instead used the money for his own personal and business purposes, including payments to his personal line of credit, his Visa credit card, and his Lincoln MKZ and Chevy Suburban car loans.

In October 2017, Weigand was charged in a separate federal Indictment with allegedly misusing funds belonging to his clients.  He was arrested on those charges and released subject to conditions including that he not commit any “Federal, State, or local crime during the period of release.”  He allegedly violated those conditions by committing some of the offenses alleged in the current Indictment. Further, during the relevant time period, Weigand did not even possess a license to act as an investment advisor.

According to the Indictment, Weigand was a registered investment advisor in Pennsylvania between 2009 and 2014, and in New Jersey between 2011 and 2014.  He voluntarily surrendered his licenses as an investment advisor in both states in 2014.  In the case of his Pennsylvania license, Weigand terminated it on April 10, 2014—the same day that he was questioned by investigators from the Pennsylvania Department of Banking and Securities about his investment advisor activities.

“Weigand is alleged to be a serial fraudster with no respect for the law,” said U.S. Attorney McSwain.  “Rather than serving his clients, he served himself.  Prosecuting financial and securities fraud — and thereby safeguarding innocent investors — has been and will continue to be a top priority of my Office.”

“Jason Weigand was first arrested in 2017 by Postal Inspectors from the Philadelphia Division for stealing money from his investment advisory clients,” said Postal Inspector in Charge, Damon Wood.  “Since 2017, while preparing to defend himself on those charges, Mr. Weigand went back to his old ways, stealing money from his investment clients.  I applaud the diligence of the investigators and prosecutors in this case to not only prepare for trial but to follow up on allegations of new crimes.  The Postal Inspection Service has long prided itself as being a leader in investigating investments frauds.  From snake oil salesmen in the 19th century to modern day Wall Street frauds, if the United States Mail is used, Postal Inspectors will work tirelessly to bring the perpetrators to justice.”

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