SIOUX FALLS, S.D. (KELO) — New Federal court papers back up a KELOLAND News investigation.
We first looked into Global Aquaponics in 2017, because things didn’t seem to add up.
Now the man behind the investment project is pleading guilty to federal fraud charges.
A five page-statement signed by Tobias Ritesman says he mislead investors about everything from his college degree to the amount of money his organization had.
The documents say he didn’t put all of the money into the aquaponics facility… and that’s not all.
KELOLAND’s Angela Kennecke has been following this story since the beginning. She is going through the newly filed court papers and will bring you the latest Wednesday on KELOLAND News at Five and Six.
The leader of Global Aquaponics, Tobias Ritesman, is expected to plead guilty to 18 counts of devising a scheme to defraud investors next week, according to court filings.
He was indicted by a federal grand jury in January 2018. He faces up to 20 years on each count.
Court papers say Ritesman didn’t enter into a plea agreement.
KELOLAND Investigates first reported the story of broken promises and outright lies made by company leaders about their backgrounds and the proposed fish and vegetable hydroponic farm. Our year-long investigation showed that despite the fact that Ritesman said millions had been raised for the project, construction was never started.
Review court documents filed in the case below