Cecil Man Pleads Guilty for Luring Investors to Company and Embezzling Funds
GREEN BAY, Wis. - Attorney General Josh Kaul announced Andrew J. Reyment of Cecil, Wis. pled guilty to three counts of embezzlement on April 22, 2019.
“One of the many ways that the Wisconsin Department of Justice works to make our communities safer is by investigating and prosecuting financial crimes,” said Attorney General Josh Kaul. “Embezzlement is a serious crime, and I’m glad that DOJ’s work on this case has resulted in a conviction.”
Reyment was charged with embezzlement and is accused of a theft scheme in which he made false representations to investors about his fishing lure company and then illegally and without consent, converted the investor funds for his own personal use. The Shawano County Sheriff’s Office assisted DOJ Division of Criminal Investigation (DCI) agents with the arrest of Reyment in Shawano on May 23, 2018 and he was transferred to Brown County Jail on May 24, 2018.
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 investigation, special agents found that Reyment had made several false representations to investors and then embezzled their money.
Reyment’s crimes hold a penalty up to $75,000 in fines and up to 30 years in prison. Request for restitution to victims totals $350,518.40. Sentencing is scheduled for Friday, June 21, 2019 at the Brown County Courthouse.
The case is being handled by DOJ Criminal Litigation Unit Assistant Attorney General Rich Chiapete.