TOLEDO, OH - A federal grand jury in Toledo announced a 52-count superseding indictment of multiple fraud charges against 5 investors from around the country today.
Mark O. Wittenmyer, 54, of Holland, OH.; Robert Milam, 64, of League City, TX; Lonny Remmers, 56, of Corona, CA; Mark Aller, 50, of Birmingam, MI, and Douglas Boyce, 56, of Maumee, OH share an array of charges including conspiracy, wire fraud, money laundering, securities fraud, and access device fraud.
According to a media release from U.S. Attorney for the Northern District of Ohio Steven Dettelbach's office, the conspirators used several business entities to promote and induce investments, including Spring Valley Market group, Community ISP, Momentum Management, OnLetterhead, bSecured Solutions, New Dimension Fund and RM Capital.
False statements were made to investors, lenders and other participants regarding past successes in arranging investment transactions for the purpose of inducing investments.
Wittenmyer frequently asked investors and lenders for advancements in travel funds and legal fees, which the conspirators in turn used fro personal living expenses, according to the release. He has been charged with eight counts of wire fraud, 32 counts of money laundering, six counts of securities fraud and two counts of access device fraud.
Milam, Remmers, Aller and Boyce combine for a total of seven counts of wire fraud and three counts of money laundering.
If convicted, it will be up to the court to determine each defendant's sentence.
Dettelbach hopes this indictment and case will open the eyes of the public to investment fraud to protect them in the future.
"The investing public needs to watch for fraudsters and scam artists who promise the moon and sun but deliver only pain and deceit," Dettelbach said. "Remember, if it sounds too good to be true, it probably is."
No further details have been released at this time.