The Ottumwa Courier

Ottumwa

January 17, 2013

Ottumwan sentenced in Ponzi scheme

OTTUMWA — An Ottumwa man will spend more than seven years in federal prison for his role in a Ponzi scheme.

John Francis Holtsinger, 52, was sentenced to 87 months in federal prison on wire fraud and tax evasion charges. The sentence is consecutive to a five year sentence Holtsinger is already serving on state charges, which means it only begins after his release by the state.

Holtsinger was sentenced to state prison after multiple drunken driving convictions, according to Iowa Courts Online.

The U.S. Attorney's office said Holtsinger admitted to receiving more than $1.1 million from investors between 2005-2012. The money was intended for investment accounts, but Holtsinger used it for personal expenses and to pay back prior investors.

Holtsinger also admitted to attempting to coerce people into lying to law enforcement during the investigation by threatening that those who cooperated with investigators would not be repaid.

Holtsinger must repay $948,239 in restitution and must also serve 60 months of probation.

U.S. Attorney Nicholas Klinefeldt said the sentence fit the seriousness of the crime.

“These victims thought they were investing their money in a safe place,” he said. “In reality, it was nothing more than a Ponzi scheme. I am pleased that Holtsinger will have to spend more than seven years in jail as punishment for defrauding people who considered him to be a friend, and I hope his sentence will convince anyone else who might be tempted to engage in similar conduct not to do so.”

1
Text Only
Ottumwa
  • Urbandale comes back to beat Ottumwa Midwest BOONE — Ottumwa Midwest led by seven runs in the fourth inning, but Urbandale National put together a furious comeback to steal the victory, 12-11, on Friday at the 9-10 Year Old Little League State Baseball Tournament. The top of the first saw Ottum

    July 25, 2014

  • Parks Dept. has long list of projects

    OTTUMWA — The Parks and Recreation Department has approved a list of capital improvements for the next two years that includes the installation of handicapped-accessible swings and new park bathrooms.

    July 9, 2014

  • 0710 Farmers Market Color Photo 1 -L -M Fresh food improves community

    OTTUMWA — Every summer across the Midwest, food stands pop up on gravel roads, and farmers markets are filled with a variety of home-grown products. Finding a fresh selection of healthy greens and juicy fruits isn't as hard as you might think. Accord

    July 9, 2014 2 Photos

  • 0703 OTT Heart boy photo A Heartfelt Miracle OTTUMWA — It’s funny how wishes can change so completely in just a few weeks. But laughter wasn’t the reaction of Jeff and Mary Penrod.The Ottumwa couple’s son, Brandon, was 18 years old when, in February, Mary took him to the Pella clinic to get loo

    July 2, 2014 1 Photo

  • 0703 OTT River Hills parking lot color photo -L -T River Hills expansion progresses

    OTTUMWA — Expanding River Hills Community Health Center downtown continues to be a priority with the Ottumwa City Council. Earlier this week, the council authorized city staff to survey the property, prepare a draft developers agreement as well as pr

    July 2, 2014 1 Photo

  • Street repair program begins OTTUMWA — If you think roadwork projects in the city of Ottumwa are just about complete, think again. This week, the Ottumwa City Council awarded its preventative maintenance contract for sealing cracks in asphalt and concrete pavement roads througho

    July 2, 2014

  • A new look OTTUMWA — The 300 block of East Main Street in Ottumwa will be getting a facelift. During a public hearing earlier this week, the Ottumwa City Council gave its OK to the plans and specifications to renovate 15 buildings’ storefronts in downtown Ottum

    July 2, 2014

  • City won't tolerate bad behavior

    OTTUMWA — A newly designed policy to establish standards of behavior was presented to Ottumwa City Council on Tuesday night.The new policy’s introduction on Tuesday, demands city staff and elected officials exhibit professional behavior when they int

    July 1, 2014

  • 0702 OTT library grant color photo -T -L -M Ottumwa Public Library updates genealogy room

    OTTUMWA — The Ottumwa Public Library is the recipient of a Bright Ideas Community Enrichment Fund Grant from the Ottumwa Regional Legacy Foundation. The Friends of the Ottumwa Public Library group gave $5,520 to put toward a new microfilm reader. The

    July 1, 2014 1 Photo

  • 0625 OTT Riverfront Renaissance color photo -L -M Riverfront Renaissance begins mapping out ideas

    OTTUMWA — It was serious work to play with stickers and maps Tuesday evening. Concentration was on more than 70 faces as colored dots found their way up and down several maps of the river flowing through downtown Ottumwa. The Ottumwa Regional Legacy

    June 24, 2014 1 Photo

Obituaries
Record
Facebook
AP National