Federal prosecutors say a 75-year-old Naples man spent years running an investment fraud that drained more than $3.7 million from investors, money that now has him staring down serious prison time.
Leonard W. Krane has been indicted on four counts of wire fraud and two counts of money laundering. Each count carries a potential sentence of up to 20 years in federal prison if he is convicted, and the government is also moving to seize more than $3.7 million along with any other assets it says can be traced back to the scheme.
Indictment Outlines Alleged Advance-Fee Scheme
According to the U.S. Attorney's Office, Middle District of Florida, Krane is accused of telling would-be investors that he had access to large sums of money parked overseas. The story, prosecutors say, was that he just needed upfront cash from victims to unlock those funds and everyone would walk away rich.
Instead, the indictment alleges, between at least August 2017 and February 2025, victims wired tens of thousands or even hundreds of thousands of dollars to Krane, chasing returns that never appeared. Prosecutors say the money was funneled into his personal lifestyle or pushed out of the country rather than used for any legitimate investment.
Funds Reportedly Routed Overseas
Local coverage backs up the indictment's claim that some of the money did not stick around for long. Court records show that a portion of victim funds was sent through international wire transfers to people in the United Kingdom, and that the total loss tied to the scheme exceeds $3.7 million, according to WGCU News. That kind of price tag will get the feds' attention every time.
Investigators Ask Victims To Come Forward
The FBI's Tampa field office is now trying to determine just how wide the alleged scheme went. In a public notice, FBI Tampa urged anyone who believes they may have invested with Krane or otherwise been caught up in the fraud to contact investigators.
Potential victims are asked to call 1-800-CALL-FBI (225-5324) or submit a report through the bureau's online tip portal at FBI.
What's Next In Court
The case was investigated by the FBI and is being prosecuted by the U.S. Attorney's Office in the Middle District of Florida. As the U.S. Attorney's Office, Middle District of Florida notes, an indictment is simply a formal charge, not proof of guilt, and Krane is presumed innocent unless and until he is proven guilty in court.
Prosecutors are also seeking forfeiture of more than $3.7 million in alleged proceeds tied to the scheme, a move that would let the government seize property and funds they say are connected to the crimes if Krane is convicted.
How To Protect Yourself And Report Fraud
Federal officials say schemes like the one described in the indictment often follow a familiar script: promises of big, virtually guaranteed returns, pressure to move quickly, and demands for upfront payments to "unlock" or "access" supposedly frozen funds. They frequently target people who are anxious about retirement savings or searching for safe but high-yield investments.
If you receive an investment pitch that checks those boxes, you can report it to the FBI's Internet Crime Complaint Center at FBI Internet Crime Complaint Center. Consumers can also file reports and find additional guidance through the Federal Trade Commission.
