AP NEWS

Man pleads guilty to scam that cost victims more than $550K

November 28, 2019

SIOUX CITY, Iowa (AP) — A northwest Iowa man has pleaded guilty to wire fraud, admitting that his scheme caused about 30 people to lose more than $550,000.

Authorities say 61-year-old Lon Friedrichsen entered the plea Monday in U.S. District Court in Sioux City. His sentencing has not been scheduled.

Court documents say the Alton resident 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.