Business

Illinoisan admits $2.4 million investment scheme

Posted August 03, 2011 11:00 pm

Associated Press

EAST ST. LOUIS -- A judge has set a November sentencing date for a southwestern Illinois businessman who's admitted orchestrating a scheme that swindled $2.4 million from two dozen would-be investors.

Sixty-three-year-old Edward Moskop of Belleville pleaded guilty Wednesday in U.S. District Court in East St. Louis to mail fraud and money laundering charges.

Prosecutors say Moskop carried out the crimes even after he was barred from peddling securities two decades ago, victimizing relatives, military veterans and customers of his insurance business.

As part of the scheme, Moskop created bogus receipts to clients, along with fraudulent account numbers or forged certificates. He also sent clients fake annual statements summarizing the supposed investments and their earnings.

Sentencing will be Nov. 18.

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