Wisconsin Business Man Under Investigation for Running A Ponzi Scheme
According to the IRS Loren Holzhueter, a 69 year-old business man from Wisconsin, orchestrated a $7.5 million Ponzi scheme.
Holzhueter defrauded money from investors who thought they were placing their money in legitimate investment accounts. However, Holzhueter used the cash to build and operate his companies, and took some of it to run a Ponzi scheme since perhaps prior to 2009.
In one case, a customer wrote checks for more than $100,000, but the money did not go to the investments for which it was intended by the customer.
Holzhueter has denied the allegations of wrongdoing and the investigation is ongoing with no charges yet filed in the matter.
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