St. Cloud Man Indicted For Stealing Over $350,000 From Brewery
ST. CLOUD - A St. Cloud man has been indicted for allegedly stealing over $350,000 from the brewery he worked for and for obtaining an additional $330,000 as part of a Ponzi Scheme.
35-year-old Adam Martin is charged with six counts of wire fraud, three counts of money laundering and one count of aggravated identity theft.
The Minnesota U.S. Attorney's Office and court documents say Martin was a controller at the Cold Spring Brewing Company when he stole the money. An investigation said in 2011, he allegedly transferred over $240,000 from the company’s business checking account to a business brokerage account that he opened and controlled. He stopped working at the brewery in November 2014.
According to the superseding indictment, Martin used his sister-in-law’s name to open the second account.
Documents filed in court say Martin used the money for various personal expenses, including a $106,000 payment for a new home. He also allegedly used his employer’s credit card to pay for $78,000 in personal expenses, including a vacation resort. The investigation says he also allegedly stolen $30,000 in cash from the brewery.
Documents also say Martin was also allegedly involved in a Ponzi scheme.
"He defrauded friends, relatives, and acquaintances out of more than $330,000, claiming he would make legitimate investments. Instead, he used the money to pay for personal expenses and to pay off previous investors," the indictment says.
A trial is scheduled for August 29th.