Alton, Iowa — An Alton man faces a federal charge of Wire Fraud for allegedly misleading investors who, according to authorities, lost more than $550,000.
Federal authorities say Lon Friederichsen of Alton allegedly masqueraded as a professional crude oil futures trader in an attempt to get his alleged victims to “invest” money with him. He is accused of using the ruse from June, 2014 to March of last year.
In addition, authorities say Friederichsen used various aliases and email addressed to conceal his true identity and maintain the ruse with investors, eventually bilking them out of more than half-a-million dollars.
Federal authorities say Friedrichsen placed online ads in which purported to having thirty years trading experience, and claimed he had previously worked on the Chicago Mercantile Exchange and on Wall Street.
Online court records indicate Friederichsen will enter a plea on the charge later this month in Federal Court in Sioux City.
