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110 East Court Avenue
Des Moines, Iowa 50309-2053
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CONTACT: Mike Bladel
Law Enforcement Coordinator

March 7, 2008

Waukee Man Pleads Guilty to Fraud Charges

DES MOINES, IA - On February 25, 2008, Nicholas Anthony Fegen, 48, of Waukee, Iowa, pleaded guilty to wire fraud charges related to an indictment filed March 28, 2007, announced United States Attorney Matthew G. Whitaker.

The plea agreement indicates Fegen voluntarily and intentionally devised or made up a scheme to defraud another out of money related to a stock promotion scheme concerning a company known as PTN Media, Inc. The plea agreement states Fegen entered into a “guaranteed buy-back” arrangement, despite knowing from prior experience with stock promotion that such an arrangement was illegal under state law.

The possible penalties for conviction of this offense are up to 20 years imprisonment, a fine of up to $1,000,000 and a term of supervised release of up to three years. Also, a special assessment of $100.00 payable to the Crime Victim assistance Fund, is to be imposed. A sentencing date has not been scheduled in this matter.

This case was investigated by the Federal Bureau of Investigation and the United States Postal Inspection Service.