John Woeltz Kentucky crypto trader and Beatrice Folchi arrested kidnapping and torturing Italian businessman partner in an attempt to extort him over failed business dealings.
An Italian tourist visiting NYC has told of being tortured and held against his will by his former business partners inside a Manhattan apartment for several weeks before managing to escape his captors and get help.
Arrested in the immediate aftermath was John Woeltz, 37, a crypto trader from Kentucky along with 24-year-old Beatrice Folchi of Manhattan.
Woeltz was charged with two counts of assault and one count each of kidnapping, unlawful imprisonment and criminal possession of a firearm. Folchi was also charged with first-degree kidnapping and first-degree unlawful imprisonment.
Kentucky crypto investor and Italian businessman had falling out
The 28-year-old un-identified victim managed to escape his captor’s Soho’s Prince and Mulberry apartment about 10 a.m. Friday morning before reaching out to police.
The ‘businessman’ hostage told cops that he met Woeltz through their shared interest in crypto currency. He arrived in the U.S. on May 6 and went to Woeltz’s apartment with whom he had past business dealings, only to have his passport taken away from him and tied up and tortured.
A report from Eyewitness News stated the victim having a ‘falling out’ with his former business partners who he alleges in turn made false promises to get him to return to the United States only to then attempt to extort him upon the man arriving at the Manhattan home on May 6.
Police sources told the Daily News the man had been bound with electrical tape and tased during his more than two week imprisonment. The victim also claimed being forced to take cocaine and threatened to have his limbs cut off with an electric chainsaw according to police sources.
The victim had a wound on his arm that is believed to be a cut from the chainsaw, according to the sources. At time during the alleged torture, interrogation, the Italian businessman claimed having a gun placed against his head.
The victim during his captivity had an Apple AirTag put around his neck in case he tried to escape, according to the sources. He eventually did make his successful attempt to flee because he believed Friday was the day he would be killed, sources said.
Cops soon descended on the Manhattan apartment where the Italian tourist had been held where they found a firearm and Polaroid pictures of the victim being tied up and tortured. Woeltz allegedly tried to extort the man for millions of dollars in crypto currency, police sources said.
Two other people were in the apartment when cops arrived, but they are believed to be housekeepers and building staff, a police source said.
Join us on Thursday, July 21st at 5:30 PM for this upcoming event at @SprocketPaducah
Experts Wes Spencer, John Woeltz and Jay Campbell for a Q&A on the current and future state of crypto. pic.twitter.com/3DLvNbsFLE
— Sprocket Paducah (@SprocketPaducah) July 20, 2022
Kidnapper had been featured speaker at cryptocurrency conferences
Woeltz was taken into custody and was now being questioned by NYPD detectives. ‘He hasn’t said anything. He lawyered up immediately,’ a police source said.
The nightmare erupted from a dispute over cryptocurrency, in which the suspect allegedly tried to extort millions of dollars from the man by unleashing a litany of horrific tortures, according to sources the nypost reported.
Woeltz has been featured as a speaker at several cryptocurrency conferences, and has ‘nearly a decade of experience with technology startups in Silicon Valley,’ according to online profiles.
Woeltz at the time of his arrest was observed donning a white bathrobe and barefoot along with appearing nonchalant and clean shaven.
Woeltz had reportedly been renting out the Prince St. residence for between $30,000 and $40,000 a month.
