There were over 500,000 automated teller machines (ATMs) in the United States in 2023.1 While it might seem that Americans like to pay with credit cards, according to Federal Reserve research the average American carries $67 in cash and has $306 in cash stored elsewhere.2
With businesses requiring that customers pay up to 4 percent extra to charge items, it may become even more common for people to carry cash.
In September, the Securities and Exchange Commission (SEC) charged a Pennsylvania businessman and his companies – Prestige Investment Group, LLC and Paramount Management Group, LLC with operating a Ponzi scheme which involved investments in ATM machines.
Daryl F. Heller, a Pennsylvania resident is the founder and chair of Paramount’s board and is the founder and CEO of Prestige and is the managing member, CEO and majority owner of Heller Capital Group, LLC, which is the majority owner of both Paramount and Prestige.3
Heller, Paramount and Prestige were named in the SEC complaint. The complaint alleges that they operated a multi-year Ponzi scheme that resulted in 2,700, mostly retail investors, losing about $400 million. 4
Many of the retail investors were members of the Amish and Mennonite communities in the Lancaster, Pennsylvania area where Heller resides and where both Paramount and Prestige are located.
Potential investors were solicited through emails, podcasts, YouTube videos, meetings, seminars and investor presentations. Heller is accused of “creating the false impression that they were running a successful, nationwide ATM network and paying investors fixed monthly distributions from income earned from ATM transaction fees and related charges.”5
Heller did not give investors true information on the size of the company’s ATM network or its profitability according to the SEC complaint. In order to keep the business running he would take new investor money to pay existing investors, thereby perpetuating the Ponzi scheme.
Heller is accused by the SEC of using $185 million in investor funds to purchase a beach house, make personal tax payments, and to fund his other businesses among other misappropriations of investor funds.
According to the complaint, the SEC is seeking permanent injunctions, disgorgement of ill-gotten gains with pre-judgement interest and civil penalties against the defendants and a conduct-based injunction and officer and director bar against Heller.
Securities Litigation Attorneys Serving Metro Detroit
Investment and securities matters are complex, and the stakes are high when negligent or dishonest brokers and financial advisors cause significant financial losses. Our securities law firm in Royal Oak has been fighting for investors’ rights for more than 20 years. We work to help clients recover their losses and hold brokers and advisors accountable for misconduct.
Call today to speak with a securities attorney about your investment concerns and potential claims.
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1 ATM Population in the U.S. Shows Strong Growth Over the Past Year, by David Tente, 9/6/2023
Link: https://www.atmia.com/news/atm-population-in-the-us-shows-strong-growth-over-the-past-year/20388/
2 Who Carries Cash Anymore? The Surprising Amount Americans Have on Them Despite Cashless Options by Isabel O’Brien, 7/25/2025
Link: https://www.investopedia.com/who-carries-cash-anymore-11741436
3 SEC Complaint, Case 5:25-cv-05036, 9/3/2025
Link: https://www.sec.gov/files/litigation/complaints/2025/comp-pr2025-111.pdf
4, 5 SEC Charges Pennsylvania Resident and His Companies with $770 Million Ponzi Scheme, 9/3/2025
Link: https://www.sec.gov/newsroom/press-releases/2025-111-sec-charges-pennsylvania-resident-his-companies-770-million-ponzi-scheme