Fox Point Man Indicted For Defrauding Investors of Over $5.5 Million

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Acting United States Attorney Richard G. Frohling of the Eastern District of Wisconsin announced that on November 16, 2021, a federal grand jury indicted David O. Braeger (age: 54), of Fox Point, Wisconsin, for three counts of Wire Fraud, three counts of Bank Fraud, one count of Mail Fraud, and and two counts of Engaging in Unlawful Monetary Transactions, in violation of 18 U.S.C. §§ 1341, 1343, 1344, and 1957.

If convicted, Braeger faces a maximum sentence of thirty years in prison, up to five years of supervised release, and up to a $1,000,000 fine for each of the Bank Fraud counts.  He faces a maximum sentence of twenty years in prison, up to five years of supervised release, and up to a $250,000 fine for each of the Wire Fraud counts and the Mail Fraud count.  He also faces a maximum of ten years in prison, up to three years of supervised release, and up to a $250,000 fine for each of the Engaging in Unlawful Monetary Transaction counts.  

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According to the indictment, beginning on or about September 2016 and August 2017, Braeger engaged in two separate investment schemes in which he defrauded victims into investing in entities based on false representations and promises. The indictment alleges that instead of using the investor funds as promised, Braeger used a significant portion of the victims’ money to make Ponzi-like payments to prior investors and to fund his own lifestyle. The indictment further alleges that between 2016 and 2018, Braeger fraudulently obtained over $5.5 million from his victims.

In 2020, the Financial Industry Regulatory Authority (FINRA) barred Braeger from associating with any member in any capacity based on findings that Braeger made misrepresentations and omissions to customers concerning investments he sold and findings that he converted and misused customer funds.

The Wisconsin Department of Financial Institutions and the Federal Deposit Insurance Corporation-Office of the Inspector General investigated the case, which Assistant United States Attorney Julie F. Stewart will prosecute.

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An indictment is only a charge and not evidence of guilt. The defendant is presumed innocent and is entitled to a fair trial at which the government must prove guilt beyond a reasonable doubt

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For Additional Information Contact:

Public Information Officer Kenneth Gales 414-297-1700

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