Updated: 04/17/2014 10:37 PM
Created: 04/17/2014 9:53 PM WDIO.com
MINNEAPOLIS (AP) - A 47-year-old investment adviser from northeastern Minnesota has pleaded guilty in federal court to defrauding 13 investors of nearly $6 million.
Michael Drilling of Grand Marais pleaded guilty Thursday to one count of securities fraud.
In his plea agreement, Drilling admitted to creating a scheme to defraud his investment advisory clients. Prosecutors say through his company, Financial Advisory Partners LLC, Drilling defrauded several of his clients by stealing over $5.6 million of their investment funds.
Defense attorney Allan Caplan says Drilling, formerly of Prior Lake, spent the money on himself and lost it in investments and at casinos.
Assistant U.S. Attorney Timothy Rank tells the Star Tribune (http://strib.mn/1jOJ3C5 ) some of Drilling's victims lost their life savings.
A sentencing date has not been set.
Information from: Star Tribune, http://www.startribune.com
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Justin's 2014-2015 Winter Prediction
Winter is right around the corner and the question on everybody's mind is will we have a winter like last year. With record stretches of cold and record snowfall last year is one we one like to forget. Chief meteorologist Justin Liles lets us know what we can expect this year
Woman in Douglas Co. Shootout was found Unresponsive in House Fire Day Before
A 22-year-old Lake Nebagamon woman was hospitalized on Wednesday evening after an armed standoff with the Douglas County Sheriff's Office. On Tuesday, authorities say that same woman was found by her neighbors unresponsive and not breathing after they saw flames coming from a downtown Lake Nebagamon home.
Funding for Military Funeral Personnel Restored
On Thursday, Rep. Rick Nolan received a letter from the Secretary of the Army that funding for the playing of "Taps," a rifle salute, and delivering a folded American flag will be restored.
Preparing for Ebola: Health System Working Together
People who work in the Northland's health system are communicating on a regular basis, to prepare for Ebola, even though it's unlikely to appear here.
St. Luke's Honored by American Heart Association
St. Luke's received three honors from the American Heart Association on Thursday, for their approach and teamwork when taking care of heart and stroke patients.