Daryl F. Heller, a 55-year-old resident of Lititz, Pennsylvania, has been indicted on charges of securities fraud and wire fraud related to an investment scheme that reportedly caused investor losses totaling about $402 million. The announcement was made by United States Attorney David Metcalf at a news conference in Philadelphia.
According to the indictment, Heller was the majority owner and controller of several Lancaster-based companies, including Paramount Management Group, LLC. Paramount’s business involved purchasing, installing, operating, maintaining, and processing transactions for automatic teller machines (ATMs) both within the Eastern District of Pennsylvania and nationwide.
Heller also owned Heller Capital Group LLC and Prestige Investment Group, LLC. Prestige held a majority stake in four other firms known collectively as the “Prestige Management Companies,” which managed more than two dozen entities referred to as the “Prestige ATM Funds” and “WF Velocity ATM Funds.”
The indictment states that between January 2017 and December 2024, Heller solicited approximately $770 million from investors for these funds. Investors were told their money would be used by Paramount to purchase and operate ATMs on their behalf with assurances they would receive fixed monthly payments from revenues generated by these machines.
However, it is alleged that much of the money collected was not used to purchase ATMs as promised but instead went toward making payments owed to earlier investors in what prosecutors describe as a fraudulent arrangement. Additional funds allegedly covered personal expenses for Heller or debts incurred by his businesses. Authorities claim many of the ATMs purportedly purchased either did not exist or were not operational.
To conceal these activities, Heller is accused of creating false records overstating both the number of ATMs in operation and their revenue generation capacity. These documents were allegedly used to satisfy current investors and attract new ones.
Payments to investors reportedly stopped in April 2024 when new investments into the funds ceased. Despite promises made through December 2024 regarding future payments or buyouts for investors, no further payments were made. Paramount ceased operations around December 2024 with unpaid principal amounts to fund investors reaching approximately $402 million.
“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 listed in his indictment—one count of securities fraud and four counts of wire fraud—Heller could face up to 100 years in prison.
The investigation was led by agents from the FBI with assistance from several local agencies including Lancaster County Police Department; Lancaster County District Attorney’s Office; East Hempfield Township Police Department; and Pequea Township Police Department.
In addition to criminal charges announced today by federal prosecutors in Philadelphia against Heller regarding his role at Paramount Management Group LLC , parallel civil charges have also been filed against him by officials at Securities Exchange Commission .
Prosecutors emphasized that all allegations remain accusations unless proven otherwise in court.
