Businessman charged in $13 million fraud scheme

BATON ROUGE, LA (WAFB) - A businessman has been indicted on 18 counts of mail fraud in connection with a fraudulent investment scheme.

According to the indictment, James R. Holdman hid a failed multi-million dollar investment plan by lying to victims that their investments were making money, when in reality Holdman had lost more than 98 percent of their funds.

The indictment alleges that Holdman convinced victims to continue investing in his scheme, allowing him to collect fees for his own personal use.

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