Daryl F. Heller, a 55-year-old resident of Lititz, Pennsylvania, has been indicted on charges of securities fraud and wire fraud in connection with an alleged investment scheme that resulted in investor losses estimated at $402 million. The announcement was made by United States Attorney David Metcalf at a news conference in Philadelphia.
According to the indictment, Heller controlled several Lancaster-based companies, including Paramount Management Group, LLC (Paramount), which operated automatic teller machines (ATMs) across the Eastern District of Pennsylvania and nationwide. He also owned Heller Capital Group LLC (HCG) and Prestige Investment Group, LLC (Prestige). Prestige held majority ownership in four additional companies referred to as the “Prestige Management Companies,” which managed more than two dozen entities collectively known as the “Prestige ATM Funds” and “WF Velocity ATM Funds.”
Prosecutors allege that between January 2017 and December 2024, Heller solicited approximately $770 million from investors through these funds. Investors were told their money would be used by Paramount to purchase and operate ATMs on their behalf, with promises of fixed monthly returns generated from those ATMs.
The indictment claims that much of the money raised was not used for its stated purpose but instead went toward making payments to earlier investors, covering personal expenses for Heller, and paying business debts associated with his companies. It is further alleged that many of the ATMs purportedly purchased did not exist or were not operational.
To conceal the scheme, prosecutors say Heller created false records overstating both the number of ATMs in operation and their revenues. These documents were allegedly used to reassure existing investors and attract new ones.
Payments to investors reportedly stopped in April 2024 after new investments into the funds declined. Despite assurances from Heller through December 2024 that payments would resume or buyouts would occur, no further distributions were made. Paramount ceased operations around December 2024.
“The magnitude of the offense alleged by this indictment is enormous,” said U.S. Attorney Metcalf. “Daryl Heller allegedly piled lie upon lie, in order to bilk thousands of victims of their hard-earned money. This case is a prime example of the diligent and detailed work done by FBI Philadelphia’s white-collar crime branch, and the economic crimes section in our office.”
“Complex financial fraud cases like this demand close coordination, because no single agency can see the entire picture alone,” said Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Field Office. “Together, we brought the combined resources of federal, state, and local law enforcement—pairing the FBI’s investigative reach, the SEC’s regulatory expertise, and the insights of our local partners on the ground. That collective effort, strengthened by persistence and information-sharing, allowed us to peel back the layers of deception and uncover the full scope of this alleged scheme.”
If convicted on all counts, Heller could face up to 100 years in prison.
The investigation was led by agents from the FBI, with assistance from multiple local law enforcement agencies including Lancaster County Police Department; Lancaster County District Attorney’s Office; East Hempfield Township Police Department; and Pequea Township Police Department.
In a related development today,the Securities and Exchange Commission announced civil charges against Heller.
Authorities remind that all defendants are presumed innocent until proven guilty in court.
