On Wednesday, it was announced that an Allegheny County resident had been sentenced to two years in prison and two years of supervised release for his conviction of mail fraud. 58-year-old Cameron Howat of Allison Park, Pennsylvania was charged by United States District Judge David Stewart Cercone. Information presented to the court shows that Howat solicited investment funds from friends and acquaintances for the purpose of investing the money in the foreign exchange market.
Howat claimed to investors that his compensation for making the investments on their behalf would be to take fifty percent of the profits. Instead of investing all of the funds as promised, the defendant took portions of each investor’s money and used it for personal expenses. The defendant has also been ordered to pay $420,000 to his victims. Additional details have been made available here.