From the FBI website:
Investment Adviser Sentenced to 10 Years in Ponzi Scheme
“The defendant in this case exploited the market downturn to convince conservative clients that their money was safe with him in low-risk certificates of deposit. We have seen more and more of these investment schemes, which prey upon school districts, municipalities, and unions,” McQuade said. “This significant sentence is important in deterring other investment advisors from stealing from vulnerable investors.”
Special Agent in Charge Arena stated, “Today’s swindlers artfully conceal their greed with sophisticated marketing and numerous misrepresentations. Investors and pension plan participants must remain diligent in following their money.“
DeMiro was immediately remanded into the custody of the United States Marshals following sentencing.
The case was prosecuted by Assistant United States Attorney Erin Shaw, with Assistant United States Attorney Linda Aouate handling the asset forfeiture.