No, it's not the Polka King of Pennsylvania but something far more prosaic. Last week, according to complaint released by the Securities and Exchange Commission (SEC), a former stockbroker based in Wayne, PA has been sentenced to more than 5 years in prison for operating a $2.35 million ponzi scheme that involved 30 investors.
Investigation into Philadelphia-Area Stockbroker Ponzi Scheme
Green, Schafle & Gibbs has launched an investigation into the alleged Ponzi Scheme operated by Philadelphia-area stockbroker Paul W. Smith. Based in Wayne, PA, Smith operated a long-running Ponzi Scheme using purported investments in The Haverford Group, which costs a group of mostly retired and elderly investors approximately $2.35 million, according to the SEC.