A Sheboygan man has been convicted in a veteran fraud scheme.
According to a report by The Waukesha Freeman, 54-year-old David Nitze pleaded guilty in Waukesha County Circuit Court to one count of Theft by False Representation of more than $10,000, a class G felony.
The case against Nitze began in 2021 when a man reported to the Waukesha Police Department that he and Nitze had served in Afghanistan together in 2007.
Nitze had urged the victim and several others they served with that he was going to start a corporation called Lapis LLC and was looking for investors.
In total, Nitze and eleven other individuals collected $102,138.
The man reporting the issue noted that he noticed that he did not receive any return on his investment between 2018 and 2021 despite the LLC receiving dividends from three Sheboygan properties and one in West Bend.
Nitze gave several excuses as to why, but it was later learned that he had lost the investors’ money and “did not know how to tell everyone.”
Nitze is due back in court for sentencing on April 8th.
