A Moosic, Pa., financial advisor has been barred from the financial industry for running a $2 million Ponzi scheme, the Securities and Exchange Commission announced Thursday.
Jason A. Muskey previously pled guilty to criminal charges of mail fraud, money laundering and aggravated identify theft and is awaiting sentencing.
From 2007 until 2014, Muskey, as the owner of Muskey Financial Services, raised $2 million from 26 investors by telling them he was investing their money as they wanted. In reality, he was using the money for himself and to pay off earlier investors, the SEC says.
To carry out the scheme, he forged clients’ signatures or had them sign documents under false pretenses and he gave them inaccurate reports on their investments, the SEC says