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As the losses snowballed, the Pennsylvania Department of Banking and Securities began to investigate and notified the FBI of possible criminal fraud.
After the investigation, Riehl pleaded guilty to conspiracy and fraud charges in February 2020. In July 2020, he was sentenced to 10 years in prison.
Many victims told investigators they forgave Riehl, even though he took so much from them.
“One of the victims transferred all of her money out of a traditional 401k and gave it to Mr. Riehl to invest for her. And she lost everything. Unfortunately, that happened to so many people,” Mocadlo explained.
He noted that the churches asked for donations to help some of the victims, especially the elderly ones who have little time to recover financially.
Investors should always do their due diligence in making investment decisions, assuring anyone investing their money is licensed and regulated.
“A lot of these investors sent in a check, without asking a lot of questions. It’s important to ask lots of questions and know exactly what’s happening with your money,” Mocadlo said.
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