A man with duel United States and Swiss citizen ship has been convicted of wire and commodities fraud in connection with a fraudulent gold and diamond export scheme, United States Attorney David Anderson announced Tuesday.
Prosecutors said Fritz Kramer, 70, fraudulently solicited funds from investors from December of 2008 and July of 2016 by stating he was a gold and diamond exporter. He was convicted of 11 counts of wire fraud and one count of commodities fraud.
He told victims their money was being invested in an export project in which he would purchase gold and diamonds from the Democratic Republic of Congo and have the commodities exported to Europe, Asia and the United States.
Prosecutors said Kramer falsely promised investors they would receive up to 10 times the amount of money they invested, and that they could earn profits in as little as one month.
Kramer was able to convince more than three dozen victims to send money totaling millions of dollars to entities supposedly operating the fake export project.
Kramer was indicted in 2018.
He is scheduled for sentencing on July 15 and faces a maximum penalty of 20 years in prison and a fine of $250,000, plus restitution, for each count of wire fraud and up to 25 years in prison and a fine of $250,000, plus restitution, for the commodities fraud count.