Madison
65° F
Scattered Clouds
Scattered Clouds
Advertisement

Ponzi scheme lands former Minn. man in federal prison

Published On: Apr 02 2013 06:06:26 PM CDT
MADISON, Wis. -

A federal judge has sentenced a former Minnesota man to 6 1/2 years in prison without parole for bilking investors out more than $2 million.

Garry Milosevich, 67, formerly of Duluth, was captured in Honduras last year. He pleaded guilty to federal wire fraud in Madison in January.

Prosecutors said Milosevich and his partner, Daniel Tepoel, told investors they had access to international trading programs that didn't exist. They used the investment money to travel and purchase construction materials for a failed Grenada resort. Investors never received promised returns and lost about $2.5 million in principal.

Tepoel was sentenced to 11 1/2 years in prison in 2008.

U.S. District Judge Barbara Crabb handed down Milosevich's sentence Monday. She also ordered him to pay $775,000 in restitution to 19 victims.

Advertisement
  • Lindsay Lohan in court new

    David McNew/Reuters

    Worst celebrity drivers

    NBA star Dwight Howard's Florida driver's license has been suspended after he failed to pay a ticket for running a red light, Reuters reported. In turns out Howard was ticketed an astonishing 10 times for running red lights in the Orlando area, and received four speeding tickets, 12 citations for failing to pay highway tolls and one citation for failing to change his address on his driver's license. Take a look at the worst celebrity drivers.

  • California fires night firefighters

    Noah Berger/Reuters

    Wildfires rage out of control in California

    Hundreds of homes have been destroyed by wildfires raging out of control in drought-stricken California. Thousands more are threatened.

  • Scotland independence crowd

    REUTERS/Dylan Martinez

    Celebs react to Scotland's independence vote

    Scots head to the polls today to vote on the future of their country. The outcome could end Scotland's 307-year union with England and Wales as Great Britain -- and see it launch into the world as an independent nation of some 5.3 million people. Take a look at celebrity (both Scottish and not) reactions to the referendum.

Advertisement