Tag #Celebrity Fraud

What was the primary fraudulent activity that led to Bernhard Fritsch's conviction, and what were the immediate financial consequences?

Bernhard Eugen Fritsch, 63, was convicted of wire fraud for misrepresenting his celebrity app, StarSite's, financial success to investors, resulting in over \$20 million in losses. He used the funds for personal luxuries instead of app development, purchasing luxury cars, yachts, and a Malibu mansion.