Business owner charged with racketeering, theft
Edward Van Der Molen sentenced to 5 years supervision
MADISON, Wis. (WKBT) — A Warrens business owner has been sentenced Monday with charges for racketeering and theft by contractor.
Edward Van Der Molen offered and sold investment contracts to possible investors, according to a criminal complaint. During the process he had neglected to mention that the business the victims were investing in was failing and losing millions of dollars.
In another criminal complaint Van Der Molen had accepted a contract for more than $80,000 to build a villa for the customer. He then spent the money on things other than the villa.
A Monroe County Circuit Court Judge sentenced Van Der Molen to 60 days in jail and five years of supervision with the condition that he pays restitution to the victims and he must not engage in direct or indirect sales of securities, according to the Wisconsin Department of Justice. The charges are a result of an investigation by Wisconsin’s Department of Financial Institutions.