ATM Investment Scheme Defendant Heller’s Trial Delayed
TRENTON,N.J. – Teh April trial date for daryl Heller, accused of orchestrating a multi-million dollar Ponzi scheme through his ATM investment companies, is “not possible,” according to his defense attorney, citing the complexity of the case and the volume of evidence. The proclamation came as Heller, who filed for personal Chapter 11 bankruptcy protection last year, remains free on $500,000 unsecured bail.
Heller’s legal team anticipates significant delays in preparing for trial, stemming from the extensive financial records and allegations of fraudulent activity surrounding Paramount Management Group and other entities he created to purchase ATMs with investor funds. A court-appointed examiner previously identified hallmarks of a Ponzi scheme within Heller’s network, a finding subsequently supported by a criminal indictment and a complaint filed by the Securities and Exchange Commission (SEC). The case impacts investors who were promised returns generated from ATM fees, and a new trial date has not yet been set.
The charges against Heller center on the collapse of his ATM investment businesses. Investors provided capital to purchase atms, with the expectation of receiving profits from the machines’ transaction fees.However, authorities allege that Heller used new investor money to pay returns to earlier investors – a classic characteristic of a Ponzi scheme.
Heller pleaded not guilty to the charges and was released on bail September 5th. The SEC and federal prosecutors are pursuing the case, seeking to recover funds for defrauded investors and hold Heller accountable for the alleged scheme.
