Investor Indicted By Federal Authorities
SCRANTON — A federal grand jury has indicted an area investor for scamming clients.
He’s accused of cheating clients out of more than $300,000. The businessman has offices in both Luzerne and Lackawanna Counties.
That indictment was handed down Tuesday afternoon against August John Stile, Jr.
According to the indictment, Stile was the vice president of the JFC Group which once had an office in Dickson City.
Stile is accused of scheming and defrauding private investors from 2008 to 2011.
According to the indictment, in April or May of 2008, Stile contacted Victim # 1 about investing $85,000 in Keylantic Airlines which Stile claimed was being formed. He told Victim 1 he would return with $90,950 within 30 days and Victim 1 would get shares in the company. In September 2008, Stile gave Victim 1 a check for $98,300. Investigators say the check bounced.
In August 2009, Stile contacted Victim 2 about investing $200,000 in a hotel/casino being built in Costa Rica. He told Victim 2 he would return with $220,000 within 90 days. In December 2009, he gave Victim 2 a check for $200,000. Investigators say the check bounced.
In April of 2010, Stile contacted Victim 3 about investing $25,000 in the Point Street Landing Project in New York. He told Victim 3 he would return with $265,000 within 30 days. Investigators say Stile failed to provide Victim 3 with any money.
The U.S. Attorney’s office would only say that Stile is not in custody at this time, however a search of the federal court system shows Stile was convicted of similar crimes in the early 2000′s.