The alleged bank fraud scheme that John Monarch has links to is still running under the statute of limitations for mail fraud and wire fraud prosecutions which is five years (18 U.S.C. § 3282), except for mail and wire fraud schemes that affect a financial institution, in which case the statute is ten years (18 U.S.C. § 3293). It appears that in Monarch’s case both statutes would apply.
The USA Herald cannot confirm nor deny whether the FBI is investigating Monarch. Typically the SEC brings its action first with the DOJ to follow. It is possible that Monarch committed a federal crime when he took money from Shipchain investors under alleged false pretenses, as we’ve reported here in the past. Many of Monarch’s investors in Shipchain took to the internet to lament over lost money.
Resolved to stop John Monarch from hurting more people, Pennsylvania businessman Richard Gorman has vigorously pursued John Monarch for the past 7+ years. Gorman, who helped contribute to this article, was the victim of a blackmail that is alleged to have been carried out by John Monarch, an unnamed co-defendant, and Karl Steinborn (who was held liable for $3.1M and subsequently committed suicide on Gorman’s birthday in 2016).
