Instead of investing the funds as Herman represents to his victims, the indictment alleges that from 2013 to December 2017, Herman uses the victim’s funds for his own personal gain. In fact, Herman uses investor money to make payments to his victims, to make mortgage payments, to pay tax liens, to make marital settlement payments and to otherwise use the victims’ money for his personal use and benefit. To date, Herman continues his deceptive methods. He chooses to conceal fraudulent conduct and continues to make false statements to both the victims and federal law enforcement agents.
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