URBANA, Ill. (WAND) – A former financial adviser has been ordered to serve two years in prison after falsely representing a private investment scheme to a customer.
Paul Schuerger, of Champaign, was ordered to serve 24 months in prison and pay $100,000 in restitution.
In 2012, Schuerger admitted to falsely representing to a bank customer that he had a private investment opportunity that would provide a 10 percent rate of return.
The customer supplied Schuerger with $100,000 towards the investment, where Schuerger instead deposited the money into a personal bank account and used it for his own personal benefit.
On Oct. 24, 2017 Schuerger entered pleas of guilty to wire fraud and money laundering.
The FDIC Office of Inspector General conducted the investigation. Assistant U.S. Attorney Eugene L. Miller prosecuted the case.