Wisconsin
Wisconsin man sentenced in $2.4 million investment scheme
MILWAUKEE (AP) — A Wisconsin man convicted in a $2.4 million funding scheme involving greater than 20 victims has been sentenced to just about three years in jail.
Jeremy Arrington, 44, of Middleton, pleaded responsible earlier to 1 depend of wire fraud. Authorities say a number of of the traders misplaced their retirement financial savings to Arrington.
Arrington was the chief monetary officer for Wisconsin Residence Consumers Community, an actual property enterprise. Investigators say he ran a Ponzi scheme by promising traders returns starting from 12% to 36% with little or no threat.
Investor funds had been mixed with different funds and used for funds to current traders, payroll for associated companies, debt discount, private attracts by the companions, again taxes and authorized charges, in line with the criticism.
U.S. District Choose Brett Ludwig sentenced Arrington Thursday to 33 months in jail.
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