Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Michigan Ponzi Schemer Dante Demiro Receives 10 Year Sentence for Investment Fraud

Michigan investment adviser Dante DeMiro has been sentenced to 10 years in prison and ordered to pay nearly $13 million in restitution for the operation of a Ponzi scheme that defrauded a Michigan school district and several local governments out of millions of dollars. A criminal complaint was filed against DeMiro in September of 2010, as the result of an FBI investigation into his activities. A Grand Jury indicted him a month later, and he pled guilty to five counts of bank and wire fraud on April 19, 2011.

According to the September complaint, DeMiro, through his firm Munivest, operated a Ponzi scheme that defrauded the Mona Shores school district out of approximately $3.5 million, which the district raised through the passage of a 2009 bond. Instead of investing the money in secure, federally insured CDs as he had promised, DeMiro used the funds for his own benefit and to make Ponzi payments to other investors, including Lapeer County and Comstock Township.

According to the Associated Press, DeMiro's victims lost more than $7 million.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram