Mercer County 'investment adviser' will be sentenced for fraud - WFMJ.com News weather sports for Youngstown-Warren Ohio

Mercer County 'investment adviser' will be sentenced for fraud

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PITTSBURGH -

A former investment adviser from Mercer County awaits sentencing in federal court for creating a phony company to cheat investors.

Jeffrey T. Lewis, 48, of Transfer, Pa., pleaded guilty last month in U.S. District Court in Pittsburgh to charges of wire fraud and engaging in transactions involving illegally obtained property.

The government says Lewis was a licensed investment advisor from 2004 to 2009, but in 2015 created the fictitious company, Lewis Investments.

According to a bill of information that outlined the government's case, Lewis convinced a former client that his current investment advisor was charging unnecessary fees and convinced him to let Lewis handle his investments.

After the client handed over $58,000 to invest in the Penn State Housing Authority, Lewis helped the client open accounts with TD Ameritrade, according to investigators.

The government says Lewis transferred $230,000 from the client's Ameritrade count into his own account and used the money for his own personal spending, payment of debts, gambling, and to purchase a $37,000 Hummer sports utility vehicle.

Lewis is scheduled to be sentenced for the crimes in January.

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