A former controller for the Cold Spring Brewing Co. is facing multiple federal charges involving wire fraud against the company and individual investors, according to court records.
According to documents filed in U.S. District Court in Minnesota, Adam Jonathan Martin faces four counts of wire fraud and three counts of monetary transactions in criminally derived property. Martin was indicted by a grand jury in May and pleaded not guilty.
Similar charges filed earlier identified Martin's employer as Cold Spring Brewing Co.; however, the indictment does not identify the employer.
Court documents said Martin served as a financial analyst from 2007 to 2009 and as controller until November 2014. The indictment states that Martin used more than $350,000 of the company's money, including company credit card and weekend cash proceeds.
The indictment says Martin on Dec. 8, 2011, had transferred $243,627 from a Wells Fargo account belonging to the company to an E*Trade account he had opened in his sister-in-law's name. The documents said Martin used some of the money for a $12,000 down payment on his home in Sartell. Martin funneled the money he wired to the E*Trade account to multiple bank accounts. Those actions are the basis for four counts against Martin.
Martin was also involved in a Ponzi-type scheme, according to the indictment. From 2009 to 2015, Martin took money from investors claiming he would use it to conduct day trading that would be invested into retirement accounts. The indictment claims Martin used the invested funds to pay personal expenses and debt. The indictment bases three counts of wire fraud on those transactions.
As of Friday a judge was considering pre-trial motions from attorneys in the case.
The indictment states that if convicted, Martin would forfeit his Sartell home.