Ponzi Scheme Bilks Printing Contract Backers
ANDOVER, MN—The owner of a printing company has been charged with 36 counts of securities fraud that cheated investors out of more than $53 million, the Minneapolis-St. Paul Star Tribune reported. Gerard Frank Cellette, 44, secured money from investors who were backing printing contracts that were apparently phony.
Cellette, owner of Minnesota Print Services, also faces a civil lawsuit from investors seeking to get their money back, the paper reported. He reportedly promised investors returns of 10-12 percent within a couple of months. Cellette allegedly enticed more than 100 investors from Minnesota, California, Georgia and Illinois between 2005 and 2009.