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Update #1 - Former High School Basketball Coach Arrested for Swindling Investors
Tuesday, March 5, 2013

On March 4, 2013, Robert Schnepp was sentenced to 6 years in Florida State Prison followed by 24 years of probation after pleading guilty to the charges of Grand Theft over $100,000 and Securities Fraud over $50,000 with 5 of more victims.  Both charges are First Degree Felonies.  Schnepp was also ordered to pay $192,600 in restitution to his victims.

(Initial press release from December 21, 2012) 

A former basketball coach at Cypress Lake High School is under arrest for scamming friends and fellow employees out of approximately $200,000.  The joint investigation was conducted by the Lee County Sheriff's Office Economic Crimes Unit, Florida Office of Financial Regulation, Florida Department of Law Enforcement and the State of Indiana Securities Division of the Prosecution Assistance Unit.

The investigation found that Robert Schnepp, DOB 12-20-61, convinced friends, teachers and fellow coaches that he was an investment advisor and could help them make money.  During a three year period, Schnepp continued soliciting money for the scam.  Schnepp even sent out bogus quarterly statements to his victims that indicated their investments were doing well.

The scheme began to unravel when some of Schnepp's victims asked to cash in some of their returns.  Several checks Schnepp issued to the victims bounced.  At this point, several of the victims became suspicious and contacted the Lee County Sheriff's Office.

The investigation shows that Schnepp operated a Ponzi scheme from 2008-2011.  He solicited money from the victims, but instead of investing the money in the stock market, Schnepp would use it to pay previous investors and to pay for personal expenses.  The investigation also revealed Schnepp was not licensed as an investment advisor in Florida during that three year period.

Schnepp faces nearly three dozen felony charges for defrauding investors.  With assistance from the Lee County Sheriff's Office Fugitive Warrants Unit, Schnepp was picked up yesterday in Hudson, Florida.  Schnepp is in the Pasco County Jail pending his transfer to Lee County.

ts/mz