Dieter Frerichs, K1 Ponzi Scheme Suspect, Runs From Police Into Ocean And Shoots Himself

The managing director of a hedge fund group accused of being a $378 million Ponzi scheme, ran into the ocean Saturday morning and shot himself as Spanish authorities tried to take him into custody.

According to the Telegraph, Dieter Frerichs was sunbathing at his home in Palma, Spain, when authorities arrived to serve an arrest warrant and ultimately extradite him to Germany. Frerichs reportedly picked up a gun and ran into the ocean where he shot and killed himself.

Frerichs failed in his first attempt to take his life, reports Bloomberg:

After the damp weapon failed several times to go off, he shot himself in the head with his second successful discharge, said the police spokeswoman, who declined to be identified in line with official policy. Frerichs, 72, later died in hospital, she said.

As a managing director, Frerichs was a suspect in the investigation of the hedge fund groups K1 Global and K1 Invest. The groups' founder, Helmut Kiener, is accused of using the funds' money to bankroll a lavish lifestyle.