Acting U.S. Attorney Louis D. Lappen announced Monday the owner of First Financial Princeton LLC and Nations First Financial Group has been indicted on four counts of wire fraud, three counts of bank fraud, three counts of aggravated identity theft, two counts of mail fraud, four counts of money laundering and four counts of accessing a protected computer without authorization.
Forty-seven-year-old Jason C. Weigand of Denver, Pennsylvania was a registered investment advisor between 2009 and 2014 in Pennsylvania and between 2011 and 2014 in New Jersey. During this period, he represented himself to clients as a reputable and knowledgeable source of investment advice, recommended investments in insurance and securities products, according to court documents.
Weigand allegedly diverted funds belonging to his clients for his own personal use. He was a homeowners’ insurance agent for a woman and her husband who passed away in 2005, at which time Weigand suggested becoming the woman’s investment advisor. At a vulnerable position in her life, the woman agreed.
Instead of protecting the woman’s money, Weigand utilized $60,000 of her money to fund accounts in another client’s name. He then withdrew that money and utilized it for his own business and personal purposes.
Weigan later opened an account in the woman’s name at another brokerage, utilizing forged documents. He then persuaded her to fund that account with approximately $200,000 of her own money. The woman did not know that the account had “check writing privileges. Weigand wrote approximately $98,000 worth of checks from that account.
When the woman became suspicious of Weigman’s activities, he hacked into her email, opened another account in her name and then funded that account with money he had stolen from other clients.
Weigand faces a 20-year prison sentence and $290,000 forfeiture.