Madison
64° F
Overcast
Overcast
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
  • Indiana primary graphic

    CNN

    Presidential election moves to Indiana

    With the number of available delegates dwindling and the parties' national conventions two months away, Indiana's primary is poised to reshape the presidential primary election.

  • Foster Farms chicken nuggets

    USDA FSIS via CNN

    Notable recalls of 2016

    Several major product recalls have been reported in the United States in 2016. Check our list to see if you could be affected.

  • blue neon hotel vacancy sign

    kd kelly/SXC

    7 deadly sins for hotels

    Hair on the bathroom floor is gross, even when it's your own. It's one of those little things that turns happy travelers into disgruntled hotel guests. Check out the seven deadly sins to hoteliers.

Advertisement