Fishing lure company owner pleads guilty to leaving investors on the hook
Category: News Release
Apr 24th, 2019 by Keith Worrall 386
Modified Apr 24th, 2019 at 11:57 AM
GREEN BAY, Wis. (WBAY) – A Shawano County man has pleaded guilty to three counts related to a fishing lure business scheme that left investors on the hook.
On April 22, Andrew J. Reyment of Cecil pleaded guilty to three counts of embezzlement, according to the Wisconsin Department of Justice.
Action 2 News reported on Reyment last May. Investigators said he embezzled about $325,000 from investors for a fishing lure company. Some of that money was used to fuel a gambling habit, according to the DOJ.
The DOJ says Reyment made false representations about the company, Screamline Lures. He posted on websites and social media that he was looking for investors.
Reyment claimed he had several patents, but investigators found that to be untrue. Reyment told one victim that the lures were being produced at a warehouse in Green Bay. That was found to be untrue, according to the criminal complaint.
Reyment told another investor about manufacturing lures and parts in De Pere and Wausau. The complaint says that he misrepresented those claims.