Daryl F. Heller; Prestige Investment Group, LLC; Paramount Management Group, LLC

The Securities and Exchange Commission (SEC) charged Daryl F. Heller and his companies with operating a multi-year Ponzi scheme that resulted in investor losses of approximately $400 million. The scheme, which ran from January 2017 to June 2024, involved raising over $770 million from around 2,700 investors under false pretenses, with Heller misappropriating more than $185 million for personal gain. The SEC's action seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties against the defendants. A parallel criminal case was also announced by the U.S. Attorney's Office for the Eastern District of Pennsylvania.