For Immediate Release
Friday, December 21, 2012
FORMER LEE COUNTY SCHOOL BASEBALL COACH ARRESTED FOR SCAMMING HUNDREDS OF THOUSANDS OF DOLLARS FROM COACHES, TEACHERS AND PARENTS IN PONZI SCHEME
TALLAHASSEE, Fla. – The Florida Office of Financial Regulation (OFR) commends the Florida Department of Law Enforcement in the arrest of a former Cypress Lake High School baseball coach who scammed roughly $200,000 from fellow coaches, teachers and parents in a Ponzi scheme. Robert Kale Schnepp was arrested for nearly three dozen felony charges for defrauding investors in Florida.
According to the arrest affidavit, Schnepp misled investors by claiming he was a registered investment dealer, and monies collected from investors would be pooled to invest in the stock market. Instead, the Ponzi scheme used investors' money to pay previous investors and to pay for personal expenses.
This case was investigated jointly by the OFR, the Lee County Sheriff’s Office Economic Crimes Unit, and the State of Indiana Securities Division, Prosecution Assistance Unit. James Miller (Assistant State Attorney, Chief of the Lee County Economic Crime Division) is prosecuting the case.
The OFR encourages all investors to take measures to protect themselves:
• Do your homework. Research any potential investment fully to determine whether the products are suitable for your financial goals.
• Conduct a broker check. Verify a license of the company or individuals you are dealing with.
• Seek a second or third opinion. Inquire with various professionals and find one who listens to you and understands your financial goals.
• Get everything in writing and ask questions. Request written information that fully explains the product and ask questions if you don't fully understand.
• Be wary of products that sound too good to be true. Promises of “no risk” or “100 percent guaranteed” or “get your money back” might lead to financial losses.
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