Waukee Man Sentenced on Fraud Charges
U.S. Attorney’s Office May 08, 2009 |
DES MOINES—On May 8, 2009, Nicholas Anthony Fegen, 49, of Waukee, Iowa, was sentenced to thirty months’ imprisonment for charges of Wire Fraud, announced United States Attorney Matthew G. Whitaker. Mr. Fegen devised and participated in a scheme to defraud investors of more than $800,000 related to a stock promotion scheme concerning a company known as PTN Media, Inc. The conviction of Fegen was based on a “guaranteed buy-back” arrangement, despite knowing from prior experience with stock promotion that such an arrangement was illegal under state law.
United States District Court Judge James E. Gritzner also ordered Mr. Fegen to serve a three year term of supervised release following his incarceration, imposed $100 assessment to the Crime Victim Fund in crime victims fund assessment and ordered $400,000 to be paid in restitution.
On February 25, 2008, Nicholas Anthony Fegen entered a plea of guilty to Count 3 (Wire Fraud) of the indictment filed on March 28, 2007.
This case was prosecuted in the United States Attorney’s Office for the Southern District of Iowa and was investigated by the Federal Bureau of Investigation and the United States Postal Inspection Service.