SIOUX FALLS, S.D. (AP) — A former executive accused of defrauding investors in a scheme to build an $11 million fish farm in South Dakota is back in jail.
A federal judge has revoked bond for Tobias Ritesman. He has been free on bond pending his sentencing next month after pleading guilty to 18 felonies in connection with the Global Aquaponics project.
The Argus Leader says investors who put a minimum of $25,000 each in the project lost hundreds of thousands of dollars because the fish farm never materialized. Authorities say Ritesman and co-defendant Timothy Burns spent the money as quickly as it came in.
Authorities say Ritesman violated terms of his bond by contacting one of the victims and borrowing more money. A jury found Burns guilty of five counts of wire fraud.