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Local NewsOwner of Northwoods Resort Indicted in Ponzi SchemeMILWAUKEE (AP) -- The owner of a northern Wisconsin resort has been indicted in a multi-million-dollar Ponzi scheme. The three-count indictment accuses Jeffrey Stadelmann of a fraudulent investment scheme and mortgage fraud involving a $2 million vacation home in Vilas County. Stadelmann owns the Big Bear Hideaway in Boulder Junction. The indictment says the 47-year-old Stadelmann collected more than $3 million from about 50 investors and private lenders for various investments. He's accused of pocketing some of the money and using the rest for paying other investors. An associate, Donna Lonzo, was indicted on conspiracy to commit wire fraud in connection with the mortgage scheme. Stadelmann and Lonzo are accused of conspiring to defraud Countrywide Home Loans in order to buy the $2 million vacation home. Stadelmann's attorney, John Thomure, said his client will plead not guilty. ------ Information from: Milwaukee Journal Sentinel, http://www.jsonline.com (Copyright 2009 by The Associated Press. All Rights Reserved.) |
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