Alton Man Caught In Scam

October 31, 2019 10:51am

Crime Scene

An Alton man has been accused of lying to investors who authorities say lost more than $550,000 as a result.

Federal court records say Lon Friedrichsen is charged with one count of wire fraud. The records say he’s scheduled to enter a guilty plea on Nov. 25 at the U.S. District Court in Sioux City.

Court documents say Friedrichsen pretended to be a professional crude oil futures trader from June 2014 through March 2018. The documents say Friedrichsen used several aliases and email addresses so he could conceal his identity from investors.

Prosecutors say Friedrichsen fraudulently boasted in online advertising that he had 30 years of trading experience and had previously worked on Wall Street and the Chicago Mercantile Exchange.

 

Thanks to media partner KTIV