SCAM EXPOSED: St. Louis Man Admits Operating Long-Running Ponzi Scheme
ST. LOUIS, Missouri – In a shocking admission, Robert F. Rothluebbers, 68, pleaded guilty to operating a Ponzi scheme that lasted almost a decade, raising $350,000 from four unsuspecting investors.
According to the U.S. Attorney’s Office, Rothluebbers solicited investments by falsely claiming that he would use the money to purchase R-22 refrigerant in bulk, at a discount, and then re-sell it to contractors and others at a 50% profit. He touted the gradual phaseout of R-22 as a means to increase investors’ profits.
Rothluebbers entered into written purchase agreements with his victims, promising to purchase specified amounts of R-22 at certain prices, and a minimum resale price. However, he admitted to using the investors’ money to pay earlier investors, relatives, or for personal purchases.
The scam unfolded from October 2014 to January 2024, with Rothluebbers providing bogus excuses for failing to pay investors, including a claim that the money had been frozen by his financial institution and the Internal Revenue Service.
Rothluebbers admitted to paying Ponzi scheme payments of $171,450, mostly after investors discovered his scheme. He is scheduled to be sentenced on December 12, with wire fraud punishable by up to 20 years in prison, a $250,000 fine, or both.
The FBI investigated the case, with Assistant U.S. Attorney Jonathan Clow prosecuting the case. As the defendant awaits sentencing, it remains to be seen how severe the punishment will be for his egregious crimes.
Key Facts
- State: Missouri
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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