A York County man is facing federal wire fraud charges for allegedly defrauding investors of more than $400,000, according to the U.S. Attorney's Office.
Christopher A. Engel, 34, Glen Rock, plans to plead guilty when he appears for his arraignment in federal court and faces up to 20 years in prison plus restitution and fines, U.S. Attorney Peter Smith said.
Engel operated a currency trading firm, Pinnacle Forex Group, from his home and advertised it on the Internet as "a full scale currency investment firm" that was "in the top one-percent of currency traders," Smith said.
Between June 2011 and October 2012, Engel received $411,500 from 21 investors throughout the United States and was supposed to invest the money in the Foreign Exchange Market.
Smith said Engel only invested $137,000 into the Forex market and later withdrew those funds for personal expenses.
The remaining funds were never invested and were used by Engel for personal expenses, Smith said.