OMAHA,Neb. (AP) — A judge has ordered a man back to court this week for failing to utter the right words in pleading guilty to an Omaha-area Ponzi scheme.
Michael Kratville appeared in court Monday to plead guilty to wire fraud.
But U.S. District Judge Joseph Bataillon sent him home, saying that Kratville didn’t admit he violated the law. He told Kratville to come back Thursday.
Kratville is one of three people indicted for operating a Ponzi scheme that swindled 100 people out of $4 million. Prosecutors say he, Jon Arrington and Michael Welke operated two companies, guaranteeing large returns and low risk to investors when they were actually money losers who hid their losses.
Arrington and Welke have each pleaded guilty to one count of wire fraud.