Appleton man accused of cheating investors out of $1.5 million
GREEN BAY, Wis. (WBAY) - A 56-year-old Appleton man was indicted in federal court on 11 counts that say he defrauded investors out of more than $1.5 million.
Federal prosecutors say since 2014, Robert Narvett was using investors’ money to fund his own lifestyle and make payments to other victims. They also allege he obtained loans from financial institutions under their names without their permission.
He’s charged with with five counts of money laundering, four counts of wire fraud, one count of bank fraud, and one count of aggravated identity theft. Each wire fraud and money laundering charge carries up to 20 years in prison. Bank fraud carries a penalty of up to 30 years.
The U.S. Attorney’s Office says in 2013, Narvett was charged with engaging in a fraudulent investment scheme by the Securities and Exchange Commission. He was ordered to pay a judgment of almost $655,000.
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