Self-Styled Diamond And Gold Exporter Convicted Of Wire Fraud And Commodities Fraud
https://www.justice.gov/usao-ndca/pr/self-styled-diamond-and-gold-exporter-convicted-wire-fraud-and-commodities-fraud
Department of Justice
U.S. Attorneys Office
Northern District of California
FOR IMMEDIATE RELEASE
Tuesday, March 19, 2019
Self-Styled Diamond And Gold Exporter Convicted Of Wire Fraud And Commodities Fraud
SAN JOSE A federal jury convicted Fritz Kramer of wire fraud and commodities fraud today in connection with a fraudulent export scheme, announced United States Attorney David L. Anderson and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. The guilty verdict follows a six-week jury trial before the Honorable Edward J. Davila, U.S. District Judge.
The jury found Kramer, 70, with a last known residence in Norway, guilty of eleven counts of wire fraud and one count of commodities fraud. The evidence at trial showed that from December 2008 through July 2016, Kramer fraudulently solicited funds from investors, stating that he was a gold and diamond exporter. Kramer told his victims that their money would be invested in an export project in which Kramer would purchase gold and diamonds from the Democratic Republic of Congo and have them exported to Europe, Asia, and the United States. Kramer falsely promised investors that they would receive up to ten times the amount of money they invested and that the profits could be earned in as little as one month. Based upon Kramers false representations, more than three dozen victims were convinced to send money, totaling millions of dollars, to entities purportedly operating the bogus export project. The evidence at trial demonstrated that no return on investment was ever received by any of the investors.
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