East St. Louis, IL (KSDK) - A Belleville man was sentenced Tuesday for investment fraud.
Edward Lynn Moskp, 64, of Belleville, Illinois received 20 years in prison, the maximum penalty, for mail fraud, and 10 years to be served concurrently for money laundering. He was also sentenced to three years of supervised released to be served after his release, and a special assessment of $200. He was also ordered to pay $1.49 million in restitution to his victims.
Moskop pleaded guilty in August.
Court documents state he preyed on people who worked hard for years to save for their retirement, and the victims lost everything.
In the late 1980s Moskop operated a business called Financial Services Moskop and Associates, Inc., and acted as a securities broker for several customers making various investments.
A complaint was made by the National Associated of Securities Dealers for misusing funds, and in 1990 Moskop was no longer registered to act as a broker in the securities industry.
Between 1991 and 2010 Moskop convinced friends, family, and neighbors to provide him with money for investments. Instead of making investments he kept the money for himself.
Moskop created and mailed fake receipts to his clients for investments made with fake account numbers.
He also created periodic investment statements showing fake interest and gains.
During the 19 years he made these fake investments, Moskop accrued over $2.4 million from 26 victims, including his own relatives.
Anyone who believes they have been a victim of securities fraud should contact the Illinois Securities Department at 1-800-628-7937.
KSDK