November 29, 2019 - 10:24 am - Posted in News

Alton, Iowa — An Alton man has pled Guilty to Wire Fraud earlier this week in Federal District Court in Sioux City.

Federal authorities say Lon Friederichsen of Alton masqueraded as a professional crude oil futures trader in an attempt to get victims to “invest” money with him. He has admitted to using the ruse from June, 2014 to March of last year.

In addition, authorities say Friederichsen used various aliases and email addresses to conceal his true identity and maintain the ruse with investors, eventually bilking them out of more than half-a-million dollars.

Federal authorities say Friedrichsen placed online ads in which purported to having thirty years trading experience, and claimed he had previously worked on the Chicago Mercantile Exchange and on Wall Street.

A sentencing date hasn’t been set.

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