Federal judge in Nebraska orders man to pay fraud victims over $40 million

gavel, court

LINCOLN, Neb. (KLKN) – A Texas man will spend over five years in prison for his involvement in a mail fraud scheme, the U.S. Attorney’s Office said.

U.S. District Judge John M. Gerrard sentenced Frederick Voight, 65, on Wednesday to 66 months in prison for mail fraud.

Between September 2009 and October 2018, Voight did work through various businesses, including F.A. Voight and Associates.

He also told investors that he would search for companies that had an “excellent and innovative product in a growing market” but were short of cash, the attorney’s office said.

But most of the money Voight received from lenders was never invested directly into those companies.

To pay back the lenders, Voight took out new loans from other investors, the attorney’s office said.

In 2013, Voight used a check of $45,000 from victims in Holdrege to pay interest payments to other lenders.

The victims were unaware of this and believed their money was invested into a business called RevH20, according to the attorney’s office.

“Mr. Voight’s success with defrauding so many individuals emphasizes how important it is to exercise caution when investing, no matter how much trust you have in the individual or company you are investing with,” said Ruth Mendonça, a postal inspector in charge of the Denver division.

Gerrard also ordered Voight to pay $40,903,052.09 back to the victims in the case, the attorney’s office said.

Voight will also serve three years on supervised release after his prison sentence.  There is no parole in the federal system.

Categories: Nebraska News, News