Subscribe Register Login

Tuesday, July 22, 2014, 4:35 a.m.
Top Picks - Arkansas Daily Deal

Rogers man sentenced to 22 years for defrauding investors

By Staff Report

This article was published July 11, 2014 at 4:43 p.m.

A Rogers man was sentenced to 22 years in prison for defrauding investors of over $1 million, according to a news release from U.S. Attorney Conner Eldridge.

Allen Wichtendahl, 62, was also ordered to pay more than $1 million in restitution as part of his sentence for mail fraud, securities fraud and money laundering, the news release states.

Wichtendahl defrauded 333 people who gave him money believing they were investing in a company called New Vision Technology, which Wichtendahl said sold products in Bulgaria and was establishing a factory in Nigeria, according to the news release. However, most of the money went toward supporting what the release describes as Wichtendahl's "lavish lifestyle."

“Allen Wichtendahl preyed on innocent investors to fund his lifestyle," David T. Resch, FBI special agent in charge in Little Rock, said in the news release. "The FBI takes these cases very seriously, and today’s sentencing of Wichtendahl sends a message that investment fraud will be investigated aggressively."

Comments on: Rogers man sentenced to 22 years for defrauding investors

To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Read our Terms of Use policy.

Subscribe Register Login

You must login to make comments.

TOP JOBS

Search 846 jobs >

Top Picks - Arkansas Daily Deal
Arkansas Online