Winona Daily News - 6.0
Winona Daily News - 6.0: "Nigerian scam artists took Winona businessman Carl Fratzke for $750,000. Unfortunately, a third of that money didn't belong to him.
On Monday morning in Winona District Court, Fratzke, 59, 412 W. Fifth St., admitted to using a scam of his own to raise $207,000 from seven friends and bouncing a $49,259 check at a local business to send to the Nigerian con men.
Testifying before Judge Lawrence T. Collins, Fratzke said he also drained more than $500,000 from his own savings and retirement accounts before he recognized the fraud for what it was.
Fratzke, president of Fratzke Sales, pleaded guilty to two counts of theft by swindle and one count of theft by check.
In March and April 2000, Fratzke approached seven Winona-area people, individuals he described as friends, and offered them an 'investment' opportunity that would double their money in a month. He claimed he had a chance to purchase $500,000 worth of gloves that he had arranged to sell to Wal-Mart for $1.2 million."
On Monday morning in Winona District Court, Fratzke, 59, 412 W. Fifth St., admitted to using a scam of his own to raise $207,000 from seven friends and bouncing a $49,259 check at a local business to send to the Nigerian con men.
Testifying before Judge Lawrence T. Collins, Fratzke said he also drained more than $500,000 from his own savings and retirement accounts before he recognized the fraud for what it was.
Fratzke, president of Fratzke Sales, pleaded guilty to two counts of theft by swindle and one count of theft by check.
In March and April 2000, Fratzke approached seven Winona-area people, individuals he described as friends, and offered them an 'investment' opportunity that would double their money in a month. He claimed he had a chance to purchase $500,000 worth of gloves that he had arranged to sell to Wal-Mart for $1.2 million."
posted by Adrian Eyre at 6:41 PM
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