Naples man charged with defrauding investors of $3.7M in overseas scam

A 75-year-old Naples man has been indicted for falsely claiming he had access to millions in funds overseas then convincing victims to invest or issue loans under the pretense of accessing the money to pay them back with interest.

The man, Leonard W. Krane, has been charged with four counts of wire fraud and two counts of money laundering. Each of the charges carries 20 years in federal prison if convicted.

Prosecutors are also seeking the forfeiture of over $3.7 million and other assets tied to the alleged crimes, U.S. Attorney for the Middle District Gregory W. Kehoe says in a statement.

According to the Justice Department and the indictment here is what happened:

Between 2017 and 2025, Krane allegedly presented himself as an international investor with access to large sums of money held in foreign banks. He wooed the alleged victims by guaranteeing high rates of returns in exchange for investments and interest on the repayment of loans.

In one instance documented in the indictment, Krane borrowed $272,000 from an unnamed local business owner, saying he needed the money to resolve legal issues preventing access to the money overseas.

Another local business owner was talked into giving Krane $100,000 to “help unlock” the overseas accounts and promised a high return for the investment.

Rather than invest the money or spend it as promised, Krane is alleged to have used it to fund his lifestyle. Prosecutors also allege the victim funds were withdrawn or laundered through international wire transfers to individuals in the United Kingdom.

“The total loss attributable to the scheme exceeds $3.7 million,” the Justice Department says in the statement.

The FBI is investigating the case. Assistant United States Attorney Patrick L. Darcey is prosecuting it.