Pennsylvania Man Accused of Running $400 Million ATM Investment Scam

A Pennsylvania man is facing criminal and civil charges for allegedly defrauding investors out of more than $400 million in a long-running ATM investment scheme. Daryl Heller, 55, of Lititz, was indicted by the U.S. Department of Justice for securities and wire fraud, with related civil charges filed by the Securities and Exchange Commission. Authorities say Heller lured thousands of investors by promising 25% returns through investments in automated teller machines supposedly purchased by his company, Paramount Management Group.

From 2017 through 2024, Heller raised an estimated $770 million from approximately 2,700 individuals, many of whom belonged to Amish and Mennonite communities in Lancaster County, Pennsylvania. Investigators say many of the ATMs were either nonexistent or unusable, and Heller allegedly misused investor funds to finance personal expenses, such as a New Jersey beach house, and to support unrelated businesses, including cannabis ventures.

Prosecutors describe the operation as a Ponzi-like scheme in which Heller used new investor money to pay earlier participants, while paying millions in commissions to fund managers to keep the scheme growing. After fresh investments dried up in April 2024, he halted payouts and falsely assured investors of a forthcoming buyout to recover their capital.

Heller was arrested in Lancaster County and is now facing trial in federal court in the Eastern District of Pennsylvania. In a statement, his attorney denied the charges and criticized some fund managers for attempting to deflect blame. Heller had previously filed for Chapter 11 bankruptcy in New Jersey in February 2025.