Financial advisor defrauded clients of $290K, feds say

PHILADELPHIA (WHTM) – A former financial advisor from Lancaster County is accused of defrauding $290,000 from clients for his personal and business use.

Jason C. Weigand, 47, of Denver, is charged in federal court with bank fraud, wire fraud, mail fraud, aggravated identity theft, accessing a protected computer without authorization, and money laundering, according to the U.S. Attorney’s Office for the Eastern District of Pennsylvania.

An indictment unsealed Tuesday alleges Weigand defrauded clients of his financial advising businesses, Nations First Financial Group and First Financial Princeton, LLC.

Weigand allegedly used $60,000 of one woman’s money to fund accounts in the name of another client and then withdrew that money for himself. He also persuaded the woman to fund another account with almost $200,000 of her own money then wrote checks of at least $98,000 for his own benefit.

When the woman became suspicious of Weigand’s management of her funds, he hacked into her email, used forged documents to open an account in her name at another brokerage, then funded that account with money stolen from other clients. He also impersonated that client in telephone calls and emails, according to the indictment.

If convicted, Weigand faces a maximum statutory sentence of more than 20 years in prison, possible fines, a minimum sentence of two years, and up to three years of supervised release.

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