Marked as
Last updated - February 6, 2026
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Richard Allen Freer orchestrated a $10 million Ponzi scheme that defrauded dozens of mostly elderly investors by falsely promising legitimate investment returns. Prosecutors said millions were diverted for personal use, leaving victims devastated as he faced significant prison time.
High Risk
Based on the available data, we advise consumers to avoid this Individual altogether.
This advisory is based on an aggregate risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You are likely to be at great risk by engaging in any sort of consumer-related activity with this entity.
Medium Risk
Based on the available data, we advise employees to be mindful when considering or continuing work with this Individual.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Based on the available data, we urge investors and bankers to avoid financial involvement with this Individual.
This advisory is informed by an aggregate risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Engaging in investment or lending activities with this entity poses a substantial risk to your financial interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
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Charges 2
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He was taken into custody after authorities alleged he orchestrated a multi‑million‑dollar investment scam in Pennsylvania that defrauded dozens of investors.
Prosecutors described the operations as a Ponzi‑style scheme where funds from new investors were used to pay supposed returns and diverted into personal accounts.
At least around 90 individuals were reported as victims after trusting him with five‑figure to six‑figure investments.
Authorities indicated that approximately half of the roughly $10 million collected remained missing when his arrest occurred.
He promoted himself as an investment counselor despite lacking formal registration or licensing required by regulators for such financial advice.
Charges brought included multiple counts of theft by deception and failure to properly allocate client funds, reflecting alleged deceptive business conduct.
Regulatory and Compliance Screening
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What you see here scratches the surface
We offer reward for actionable intel
Richard Allen Freer ran a $10 M Ponzi scheme that scammed ~82 investors, took funds for personal use, and faced multiple theft and fraud charges.
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Richard Allen Freer allegedly defrauded investors of millions by posing as an investment advisor, with up to $6 M missing when the scheme collapsed.
Other Red-Flags and Adverse News
Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
Known Assets: [Real estate, investments, companies]
Suspicious Transactions
Liabilities: [Bankruptcies, defaults, debts]
Wealth Sources: [Legitimate / Unclear / High-risk]
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All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
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Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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This couple’s story is alarming. Even with trials ongoing, they flaunt wealth and push their business like nothing’s wrong. Anyone thinking of investing, collaborating, or trusting their brand should be extremely cautious.
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targeting elderly investors for a $10 million scam is just cold. Richard Allen Freer’s actions weren’t just illegal, they were morally disgusting. People’s savings, trust, and futures were destroyed for his personal gain.
Richard Allen Freer really crossed a line. A $10 million Ponzi scheme targeting mostly elderly investors? That’s beyond cruel. People trusted him with their life savings, and he just used the money for himself while leaving victims completely devastated.
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