Andrew Reynent, 37, of Cecil, Wisc., is accused of bilking investors in his Screamline Lures company for about $350,000 between 2015 and 2017 and spending it on personal expenses and gambling, according to reports.
He is charged with seven counts of embezzlement of amounts ranging from $10,700 to $102,588.
According to a WBAY.com report, the Wisconsin Department of Justice estimates $141,084 of investor money was spent at casinos and, in total, Reyment spent $324,390 in investor money meant for Screamline Lures. The DOJ says victims were found in Wisconsin, Illinois, and as far away as Italy, according to the report.
According to a DOJ release, the criminal complaint alleges Reyment posted on multiple social media sites that he was seeking investors for his corporation, Screamline Lures. As a result of the posts, several individuals responded to Reyment, and based upon false representations, they ultimately invested in Screamline Lures. Reyment, illegally and without consent, then converted the investor funds for his own personal use. The victim investors, located in Wisconsin, Illinois, and Italy, were interviewed by DCI special agents. During the course of the investigation, special agents found that Reyment had made several false representations to investors and then embezzled their money.