Feds drop bid to seize mail in investigation

NORFOLK

Federal authorities have withdrawn their motion to seize the mail of a local man under investigation for investment programs he runs.

The U.S. attorney's office notified the U.S. District Court that the matter has been settled. A separate criminal investigation of Benjamin Seigler's programs remains ongoing.

U.S. postal inspectors and the U.S. attorney asked the court to seize Seigler's incoming mail. Seigler objected and a judge scheduled a hearing on the matter for Thursday. The hearing was canceled after the settlement was announced.

Terms of the settlement were not released. Officials with the postal inspectors and the U.S. attorney's office declined to comment. Seigler has not responded to interview requests, and his attorney on Friday declined to comment.

The postal inspectors allege in a court filing that Seigler "induces victims to remit fees for non-existent investment products by misrepresenting the purported investment's return potential."

Seigler had promised investors that a pension "contract" for $42.62 would yield a return as high as $154,000 in 90 days, the records say, but to date, no one has seen any returns.

The federal authorities last month seized more than $1.1 million from Seigler as part of their investigation. The money is believed to have come from thousands of investors, according to court records.

Seigler told investors he ran a number of programs, the main one called Global Pension Trust Insurance, an offshoot of a foreign investment program called Global Pension Plan, the court records say. The Global Pension Plan Web site shut down within the past two weeks.

Seigler also operated investment programs called Seigler Investments; Imperial Pension Insurance Trust; Swift Mutual Fund; Diamond & Cash Program; and Life Insurance for Seniors. P ostal inspectors said in a filing that Seigler does not hold a broker's license.

Tim McGlone, (757) 446-2343, tim.mcglone@pilotonline.com