Ohio Man Receives Prison Sentence for Role in $9 Million Real Estate Investment Scam
Kevin Miller, a 55 year-old man from Fairfield, Ohio, previously pled guilty to criminal charges involving a real estate investment scam that defrauded over 90 investors of more than $9 million, according to an Department of Justice Press Release dated August 26, 2010 . In 2008, he attempted to conceal his role in the scheme by falsifying information on an Ohio Department of Commerce Division of Securities questionnaire.Between 2005 and 2008, Miller solicited investments as a salesperson for Capital Investments. The investments were represented as successful, secure products backed by equity in real estate properties in Butler County, Ohio and Florida. According to the DOJ Press Release, investors received letters from Capital Investments claiming the investments were providing higher than average returns. In reality, most of the properties lacked substantial equity and were in a state of disrepair by November of 2007, by which time all of the investors' money was gone.
Senior United States District Judge Herman Weber sentenced Miller to 15 months prison time and two years of supervised release, and ordered him to pay $184,354.36 in restitution to three victims. The judge also prohibited Miller from soliciting any future investments.
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