|For Immediate Release
|February 20, 2009
||Contact: Charles Evenson
New Lisbon Resident Russell J. Badder Pleads Guilty To
Four Counts of Mail and Wire Fraud
(Madison) On February 18, 2009, Russell J. Badder of New Lisbon plead
guilty to two counts each of wire and mail fraud in federal district
court for the Eastern District of Wisconsin in Green Bay. Judge William
C. Griesbach has ordered a pre-sentence investigation. The sentencing
hearing is scheduled for May 13, 2009 at 1:30 p.m.
The charges arose from Badder’s actions in soliciting investments
in a company he owned, Oshkosh Aircraft Parts, LLC (OAP). Badder solicited
investments of over $500,000 from investors in Wisconsin, Missouri, Illinois,
Indiana and Virginia, primarily so OAP could purchase crashed planes
that it would strip and sell for parts. In one scenario, three separate
investors each invested approximately $19,000 with Badder, who specifically
told each investor their investment money would fund his winning $19,000
bid for the purchase of the same crashed plane. He never purchased the
$19,000 crashed aircraft, but instead spent all the money on other business
and personal expenses.
These personal expenditures included money associated with his involvement
in Landmark Education, a personal development program where Badder served
as a group leader teaching personal integrity.
Ten victims located in Dane, Milwaukee, Walworth, Waukesha and Winnebago
counties lost at least $237,000.
The U.S. Attorney of the Eastern District of Wisconsin’s Green
Bay office is prosecuting the case based upon a joint investigative effort
by the Middleton Police Department, the Division of Securities of the
Wisconsin Department of Financial Institutions, the Securities Division
of the Missouri Secretary of State’s Office, and the United States
Postal Inspection Service.