Convicted CEO who fled LA for Germany is now one of FBI's most wanted fraudsters
Bernhard Fritsch launched an internet music business and partied with celebs before being found guilty of wire fraud.
Bernhard Fritsch, a convicted fraudster, fled from Los Angeles to Germany after being sentenced to prison for wire fraud. The fraud involved misrepresenting the potential deals his company would secure with major media companies like Disney, leading investors to believe that acquisition offers were imminent. According to federal prosecutors, at least $7.3 million of investor money was misappropriated, funding a McLaren, a Rolls-Royce, a yacht, and a mortgage on his Malibu villa.
After cutting his ankle bracelet, Fritsch evaded capture in Mexico and is now one of the FBI's most wanted fraudsters. Despite Germany's constitutional law prohibiting the extradition of its citizens, the FBI added Fritsch to its Most Wanted Fraudsters list in an effort to bring him to justice.
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