Scheme Lands Former Duluth Man in Federal Pen
Posted at: 04/02/2013 5:20 PM
| Updated at: 04/02/2013 5:21 PM
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 This material may not be published, broadcast, rewritten or redistributed.)