NORFOLK
A man who enticed some 4,000 investors into a bogus money-making scheme pleaded guilty to four federal charges Thursday and has agreed to give up more than $1.2 million in cash and property.
Benjamin J. Seigler, 43, pleaded guilty to four counts of mail fraud. He admitted operating an investment plan from October 2007 through March that did nothing but enrich himself.
Seigler faces up to 20 years in prison on each count when he is sentenced Feb. 12.
Seigler held himself out as a successful investor and pastor who claimed his investment programs were "God-given," according to an indictment filed against him in May. He was scheduled to stand trial next week but instead accepted a plea agreement offered by the U.S. attorney's office.
Seigler signed a statement of facts admitting that the entire venture was a scam. His promises to investors that he was putting their money into a program called "Global Pension Plan" or "Global Pension Investment Trust" were a ruse, he acknowledged.
Instead of investing the money, Seigler kept it in a local credit union and stored piles of cash in his apartment on Pall Mall Street (not in the mansion he claimed to live in).
He solicited investors through telephone conference calls that he held daily.
"I had more gold chains than Mr. T had. Rings on all fingers. Ten cars. Big mansions," he said in a March 5 sales pitch call, as cited in the indictment.
He also claimed to have made so much money that he had to give away millions of dollars.
None of that was true. Seigler was a failed contractor who had declared bankruptcy in Pennsylvania before moving here, according to public records.
None of the investors received any returns, prosecutors said. Seigler did begin returning some money to investors after the federal investigation began.
Prosecutors estimate that Seigler took in $1.4 million in five months.
Federal postal inspectors seized a little more than $1 million from his credit union account, $153,000 in cash from his apartment and $44,000 from a gold bullion account he had established.
Seigler agreed to give the government that cash as well as three vehicles, a motorcycle and $7,000 in computer equipment and televisions.
The U.S. attorney's office has said it will repay as many victims as possible with the proceeds.
Seigler's attorney, John Fletcher, declined to comment after Thursday's proceeding. Seigler did not return a call for comment and has not responded to repeated requests in the past for an interview.
Tim McGlone, (757) 446-2343, tim.mcglone@pilotonline.com
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