Wisconsin Business Man Under Investigation for Running A Ponzi Scheme

Posted on November 26th, 2014 at 12:00 PM
Wisconsin Business Man Under Investigation for Running A Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law Offices:

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.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Ponzi Scheme, IRS, Loren Holzhueter

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