Lancaster Businessman’s Bankruptcy Unveils $826 Million in Claims
Lancaster, PA – Daryl Heller, a local businessman whose ATM investment network collapsed last year, faces scrutiny in an ongoing bankruptcy case involving claimed creditor losses totaling $826 million. Recent court filings have reported a staggering increase of $233 million since December, with more than 2,700 investors alleging over $542 million in losses from Heller’s Paramount Management Group.
The fallout from Heller’s bankruptcy, filed on February 10 in New Jersey, has drawn attention to significant business scandals throughout Lancaster County’s history. While Heller’s total claimed losses are profound, they pale in comparison to the $1.14 billion shortfall discovered in 1989 at defense contractor International Signal Control, which is equivalent to approximately $2.9 billion today when adjusted for inflation.
Several other notable cases mar the county’s business landscape. Worley & Obetz dissolved in 2018 after revealing fraudulent financials, resulting in $67 million in losses, while Equipment Finance Inc. faced a $53 million scandal linked to fake loans. In 2013, John Sensenig, a New Holland businessman, settled federal charges after defrauding 1,500 Amish and Mennonite investors out of $45 million with risky investments disguised as safe options.
As Heller’s bankruptcy proceedings unfold, he is under investigation by the Department of Justice and the Securities and Exchange Commission. With multiple banks and creditors claiming significant sums, including a $19 million tax deficit owed to the IRS, the case continues to evolve, leaving many unanswered questions for affected investors.
The resonance of past corporate scandals lingers as Lancaster grapples with the implications of Heller’s financial entanglements, reminding the community of the fragile tapestry that business can weave.
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