A Tennessee man was sentenced to over four years in federal prison for orchestrating a million-dollar investment fraud. Gregory Michael Vogel, formerly known as Gregory Michael Schneider, formerly residing in Hendersonville and Gallatin, Tennessee, received a prison term of 51 months after pleading guilty to several counts of wire fraud and money laundering. The judgment handed down by the Middle District of Tennessee reflects the culmination of a calculated scheme where Vogel swindled unsuspecting investors, according to a release from the U.S. Attorney's Office for the Middle District of Tennessee.
Acting United States Attorney Robert E. McGuire emphasized the government's commitment in his statement, saying, "Our office will continue to vigorously pursue fraud and prosecute fraudsters like Vogel in order to vindicate the victims of their schemes." He added that such prison sentences send "a clear message to fraudsters: we will not tolerate those who pray on victims to steal their money. We will find you, we will stop you, and we will hold you accountable." It sends the message amidst a backdrop of increasing vigilance against financial crime.
From April 2015 to May 2019, Vogel misled investors by promising substantial revenue from foreign currency exchange websites, reportedly leading to large monthly profits and considerable returns from potential sales to third parties. Material information was shielded from the victims about Vogel's past, including his previous legal troubles under the name Gregory Michael Schneider and a permanent injunction against him offering investment advice or soliciting business investments.
Following his prison term, Vogel faces a supervised release for three years. In addition, Vogel is subject to forfeiture money judgments totaling nearly $1.3 million for the crimes committed. These penalties result from the diligent investigative work of the IRS-Criminal Investigation and the United States Postal Inspection Service, with Assistant U.S. Attorney Chris Suedekum leading the prosecution.
