He sold investors on a new app, but spent the money on cars, his Malibu mansion and yacht, feds say
A Malibu man has been convicted of fraudulently obtaining an estimated $25 million in investments in his tech company and using the funds to finance a lavish lifestyle that included a Rolls-Royce, mansion by Carbon Beach and yacht, authorities said. After a nine-day trial, Bernhard Eugen Fritsch, 63, was found guilty of one count of