Scheme Lands Former Minn. Man In Federal Pen

MADISON, Wis. (AP) — A federal judge has sentenced a former Minnesota man to 6½ years in prison without parole for bilking investors out more than $2 million.

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

Prosecutors say 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 11½ 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.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From WCCO | CBS Minnesota

The Leaderboard
Good Question

Listen Live