Key facts
- Bernhard Fritsch, 65, has been added to the FBI's "Most Wanted Fraudsters" list.
- Fritsch was convicted of wire fraud in the US after allegedly defrauding investors of $20 million to $30 million.
- At least $7.3 million of investor money allegedly went into Fritsch's personal accounts.
- Fritsch fled US authorities in June after cutting off his ankle monitor and was later arrested in Mexico.
- Due to Germany's constitutional law, Fritsch is not subject to extradition from Germany.
- Fritsch was sentenced in absentia to 15 years in prison and ordered to pay nearly $26.8 million in restitution.
Bernhard Fritsch, a 65-year-old German national, has been placed on the FBI's "Most Wanted Fraudsters" list for allegedly defrauding investors of millions of dollars. Fritsch, who founded companies like MCY and StarClub, is accused of raising between $20 million and $30 million between 2014 and 2017 by making false claims to investors about potential deals with major media companies and forthcoming acquisition offers.
At least $7.3 million of the alleged investor funds reportedly ended up in Fritsch's personal accounts, used to purchase luxury items including a McLaren, a Rolls-Royce, a yacht, and to pay off a mortgage on his Malibu villa. Following a nine-day trial, Fritsch was found guilty of one count of wire fraud in April of the previous year, facing a potential sentence of up to 20 years.
In June, Fritsch allegedly severed his court-ordered ankle monitor and fled to Mexico, despite his attorney's arguments that he posed no flight risk. Mexican authorities apprehended him in September, reportedly with forged documents. He was released on the condition of regular check-ins, which he allegedly used to travel to Mexico City and then fly to Munich, Germany, in early October. The FBI believes he has remained in Bavaria since.
In his absence, a U.S. federal judge sentenced Fritsch to 15 years in prison, a $35,000 fine, and nearly $26.8 million in restitution. However, due to Germany's constitutional law, German citizens cannot be extradited, meaning Fritsch is unlikely to face U.S. justice as long as he remains in Germany. Fritsch's partner, former actress Lucy Weist, has pleaded guilty to being an accessory after the fact and faces up to five years in prison.
The FBI's "Most Wanted Fraudsters" list, launched by Director Kash Patel, aims to hold white-collar criminals accountable. The investigation into Fritsch is ongoing, with a $150,000 bounty offered for information leading to his arrest.