Texas man convicted in $80M Ponzi ATM scheme

A Texas man has been convicted of charges that he participated in an $80 million Ponzi scheme by convincing people they were investing in automated teller machines that were never purchased.

Walter Netschi, of McKinney, Texas was convicted Friday in federal court in Manhattan.

Prosecutors say he carried out the scheme with a coconspirator between 2005 and January 2008. They say he convinced investors that the ATMs would be put in convenience stores, gas stations, malls and hotels nationwide.