Rogers man sentenced to 22 years for defrauding investors
Posted: 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."