St. Louis Man Admits Operating Long-Running Ponzi Scheme

ST. LOUIS - A St. Louis, Missouri man on Monday admitted operating a Ponzi scheme for almost a decade that raised $350,000.

Robert F. Rothluebbers, 68, pleaded guilty in U.S. District Court in St. Louis to one count of wire fraud, admitting that he operated the scheme from October 2014 through January 2024. Rothluebbers solicited investments by falsely claiming that he would use their money to purchase R-22 refrigerant in bulk, at a discount, and then re-sell the refrigerant to contractors and others at a 50% profit. Rothluebbers claimed that the gradual phaseout of R-22 would enable him to increase investors' profits.

Rothluebbers solicited investors from October 2014 to May 2017, entering into written purchase agreements in which he agreed to the purchase of specified amounts of R-22 at certain prices, and a minimum resale price. But Rothluebbers admitted using investors' money to pay earlier investors, pay relatives or for personal purchases.

Rothluebbers provided bogus excuses for failing to pay investors, including a claim that the money had been frozen by his financial institution and the Internal Revenue Service.

Rothluebbers admitted raising at least $350,000 from four investors. He admitted paying Ponzi scheme payments of $171,450, mostly after investors discovered his scheme.

Rothluebbers is scheduled to be sentenced on December 12. Wire fraud is punishable by up to 20 years in prison, a $250,000 fine or both prison and fine.

The FBI investigated the case. Assistant U.S. Attorney Jonathan Clow is prosecuting the case.