A federal grand jury has charged a Glasgow man with defrauding business clients of $2.4 million, according to a news release from David J. Hale, U.S. attorney for the western half of Kentucky.
Jonathan Neal Leber, 36, operated a company called Intrepid Financial Strategies Inc., according to Hale's office.
Leber allegedly told clients he would invest their money in a variety of financial instruments, such as bonds, stocks and annuities, and also told people he would reinvest their IRA accounts into rollover accounts that paid higher returns and came with no fees or tax liabilities, Hale said.
However, Leber allegedly kept the money or invested in another business he had called Cedar Ridge Shooting Ride Academy, according to the release from Hale.
The illegal activity took place from August 2007 to January 2011, according to the indictment.
Leber faces up to 20 years in prison. He has pleaded guilty to fraud in Jefferson and Bullitt counties.