DeDietrich is suspected of running a ponzi scheme in Donegal and Northern Ireland in which hundreds of people had invested millions with him but are now left penniless.
The scheme is under investigation by the Garda Fraud Squad, Criminal Assets Bureau, PSNI Fraud Scheme as well as the Financial Services Authority and the Revenue Commissioners.
Tomorrow (Tuesday) night at 10.35pm the Spotlight programme ‘Mystery of Swanky Frankie’ presented by well known Donegal based journalist Enda McClafferty will reveal further disturbing details about de Dietrich and the ponzi scheme.
It is estimated up to 400 people from all over Ireland invested in the scam which de Dietrich told investors he would give them a 40 per cent return on buying and selling liquidated stock.
De Dietrich was sentenced to 18 months in jail after he failed to appear in Belfast to give details about the alleged scam and his assets. A European arrest warrant is being prepared in an effort to extradite him back to Ireland to face charges here.
In Donegal it is claimed up to 20 million euro was invested by people in the scheme. They are now reluctant to come forward as they would be liable for tax, including interest and penalties to the Revenue Commissioners.
In the programme, Spotlight challenges De Dietrich at his remote hideaway. At first he is highly reluctant to speak but then for an hour denies any wrongdoing claiming the authorities had stepped in and ruined the scheme for investors.
He also does not rule out the possibility of returning to Ireland for an appeal hearing at the end of June against his 18 month prison sentence. De Dietrich ran several companies in Donegal including a a hotel and tourism consultancy firm in Ballybofey, and an estate agency and a restaurant in Letterkenny before he fled.
De Dietrich is a former President of the Letterkenny Lions Club and a former Entrepreneur of the Year.