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Texas Man Convicted in $80 Million Ponzi Scheme

A Texas man has been convicted for his alleged role in the operation of a Ponzi scheme involving $80 million. A federal jury in New York City convicted the man on Monday, November 15, 2010.

According to prosecutors, Walter Netschi, 63, of McKinney, Texas, operated an $80 million Ponzi scheme where he convinced unsuspecting investors that their money was being used to purchase thousands of automated teller machines (ATMs) between 2005 and January 2008. However, the majority of ATM machines were apparently never purchased.

Mr. Netschi’s co-conspirator, Vance Moore, pleaded guilty in October for his involvement in the multi-million dollar investment scam. He pleaded guilty to 10 counts including wire fraud conspiracy and wire fraud. His sentencing is scheduled for January 2011.

Mr. Netschi’s sentencing is scheduled on March 2, 2011. He faces a maximum penalty of 200 years in prison and a fine of over $2.5 million.

The pair allegedly told investors that the ATMs would be placed in various retail locations across the nation, such as gas stations, convenient stores, malls and hotels. However, prosecutors claim that about 90 percent of the ATM machines either did not exist or were never owned by Mr. Netschi or Mr. Moore.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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