Follow the Funds
April 29, 2011
They bilked $80 million dollars out of unsuspecting investors. That’s until an FBI investigation put a stop to a Ponzi scheme involving automated teller machines.
Mollie Halpern: They bilked $80 million dollars out of unsuspecting investors. That’s until an FBI investigation put a stop to a Ponzi scheme involving automated teller machines.
I’m Mollie Halpern of the FBI and this is “Gotcha”. Walter Netschi told investors he owned ATMs that would generate a steady flow of cash for them from fees charged for cash withdrawals. His co-conspirator, Vance Moore, would purportedly service the machines. Case agent James Hilliard says when investigators followed the funds it was revealed the men used the money for personal gain.
Special Agent James Hilliard: We conducted an extensive financial analysis of all the bank accounts. In reality, all Mr. Moore did was take the money and divert the money to other businesses that he owned and operated.
Halpern: Ninety-percent of the ATMs Netschi sold the investors were actually owned by others – or didn’t exist at all.
Netschi was sentenced in April to 100 months in prison on conspiracy and wire fraud charges. Moore was sentenced to 97 months behind bars.
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