11/13/13 - Roughly $2 (m) million in restitution is being distributed to the former clients of a Milford investment adviser currently serving a federal sentence for operating a massive Ponzi scheme. 46-year-old Dante DeMiro was sentenced to ten years in federal prison after pleading guilty in 2011 to five counts of bank and wire fraud in connection with the Ponzi scheme. He was also ordered to pay nearly $13 (m) million in restitution. The U.S. Attorneyâs office recently announced that it will disperse roughly $2 (m) million to the victims, which includes several municipalities, credit unions, school districts and trade unions. The restitution is coming out of an asset forfeiture fund, which included some government seized assets from DeMiro. He was said to have used the various entities to operate a bank and wire fraud scheme through his Southfield Munivest companies, in which he falsely promised clients he would invest their funds in different certificates of deposit. He then used the funds to make payments to other investors in the same scheme while also making loans to several individuals and a local jewelry store. Funds were also said to be used for gambling and to purchase personal items and property. (JM)
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