A man faces federal charges after investigators say he cheated the New York Times out of more than $200,000.

50-year-old Martin Holtet of La Crosse is charged with one count of wire fraud. He was arrested Tuesday morning and was in federal court in Madison Tuesday afternoon.

Investigators say Holtet distributed the New York Times in the La Crosse area and created 8,500 fake subscribers. The paper then paid Holtet almost $230,000 to deliver the papers to the fake customers, but investigators say he recycled them instead. The company says it lost almost $100,000 in printing expenses plus the money paid to Holtet to make the deliveries.

Holtet was released after Tuesday's court appearance and is required to show up in federal court in Manhattan on September 9th.