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Minnesota Ponzi Scammer Faces SoCal Charges

February 5, 2013
A convicted Minnesota swindler was charged in California with a $21 million Ponzi scheme that fleeced 55 investors, Orange County prosecutors said Tuesday. Gerard Cellette, 48, a former Anoka County, Minn., resident, was extradited to California this week to face arraignment Wednesday on 116 felony counts.

Cellette is accused of soliciting investments in a phony commercial printing company that he claimed had lucrative contracts with various major corporations. He made promises of 10-15 percent returns on investments and provided falsified contracts to back up his claims.

The money he took in was allegedly spent on luxury cars, trips on private jets and...

 

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