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Texas Man Convicted In $80M Ponzi ATM Scheme

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ATM (credit: CBS 2)

ATM (credit: CBS 2)


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NEW YORK (AP) – A Texas man has been convicted of charges that he participated in an $80 million Ponzi scheme by convincing people they were investing in automated teller machines that were never purchased.

Walter Netschi, of McKinney, Texas was convicted Friday in federal court in Manhattan.

Prosecutors said he carried out the scheme with a coconspirator between 2005 and January 2008. They said he convinced investors that the ATMs would be put in convenience stores, gas stations, malls and hotels nationwide.

The 63-year-old Netschi faces up to 200 years in prison when he is sentenced on March 2.

A co-conspirator pleaded guilty to charges and is scheduled to be sentenced in January.

(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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