Martin R "Marty" Frankel was born on 1954 and is an American financial criminal who conducted a series of investment frauds in the late 20th century, causing hundreds of millions of dollars in losses.
18 Facts About Martin Frankel
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Martin Frankel was caught in 1999, and in 2004 was sentenced to 200 months in prison based on over $200 million in proven losses to insurance companies he bought then looted their actuarial reserves; the sentence was reaffirmed in 2006.
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Marty Frankel was born to Leon and Tilly Frankel in 1954; he was Leon's fourth child and Tilly's second, and was raised as Jewish.
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Martin Frankel attended the University of Toledo but never graduated.
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Martin Frankel set up Winthrop Capital using the phony name of James Spencer.
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Martin Frankel set up The Frankel Fund with Douglas Maxwell, but remained reluctant to buy or hold his chosen investments.
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Martin Frankel transferred the remaining funds to his personal account and told his remaining investor that the fund had collapsed due to Maxwell's bad trades and embezzlement.
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Martin Frankel gave the funds to an attorney, but the funds were then turned over to the Securities and Exchange Commission.
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Martin Frankel moved back to Toledo and started a new firm, Creative Partners, while the SEC was investigating him, using the name Rothschild International Investments and a Swiss bank account to separate Creative Partners from his own name and ongoing investigation.
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Sonia Schulte set up a brokerage in direct competition with her husband's and directed her clients to Creative Partners; meanwhile, Martin Frankel set up another company, Donar Corporation, which paid for Sonia Schulte's new house, and paid Sonia's divorce and custody lawyers over $300,000 out of the Swiss bank account.
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Martin Frankel was first tried and sentenced in Germany to three years in jail for passport fraud.
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Martin Frankel was then extradited to the US in 2001.
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In May 2002, Martin Frankel pleaded guilty to 24 federal counts of securities fraud, wire fraud, and related racketeering and conspiracy.
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Fifteen of Martin Frankel's associates, including Colagiovanni, pleaded guilty to related crimes; Sonia Schulte pleaded guilty to money laundering and racketeering.
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Per the Bureau of Prisons Inmate Locator, Martin Frankel was released on October 27,2016, after serving roughly 12 years of his 17-year sentence.
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Martin Frankel was initially released from prison to a halfway house in Massachusetts in 2015, but was returned to prison for an additional 6 months for violations of the rules at the halfway house.
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Martin Frankel was then released to a halfway house in Hartford, CT only to be ordered to serve 6 more months for violations at that halfway house.
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Martin Frankel was then released to a reentry facility in Brooklyn.