Bernhard Eugen Fritsch, a Malibu-based individual, has been convicted of wire fraud after fraudulently obtaining around $25 million from investors for his tech venture, StarClub. From 2014 to 2017, he misrepresented his business successes, claiming substantial revenue and partnerships with major companies, including Disney. Instead of investing in his company, Fritsch used investor funds to finance a luxurious lifestyle, purchasing high-end vehicles and renovating his property. He now faces a possible 20-year prison sentence, with further legal proceedings set to follow.
Fritsch raised more than $20 million from investors for his Santa Monica-based tech company StarClub, promising a lucrative app to help celebrities monetize their fame.
Instead of investing in his tech company, Fritsch used much of the investor money to enrich himself, purchasing luxury cars, fixing up his yacht, and renovating his Malibu mansion.
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