E. Idaho man goes to prison for $1.85M investor scam

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by Associated Press

KTVB.COM

Posted on November 6, 2012 at 10:05 AM

BOISE, Idaho -- A 35-year-old Chubbuck man is headed to prison for nearly four years after pleading guilty to a wire fraud scheme in which investors gave him $1.8 million that he later spent on things like his home.

The U.S. attorney's office in Boise said Monday Brad Lee Demuzio was sentenced to 46 months in federal prison.

Demuzio began soliciting money from friends and family between 2008 and 2011, ostensibly to trade on foreign currency markets.

But he used only a fraction of the $1.85 million he raised from 16 investors for its stated purpose.

Instead, he had other plans for the cash: personal expenses, shopping, groceries, even gasoline -- and to make repayments to his earlier investors.

Demuzio must repay $832,978 to investors he duped, including by sending false e-mail updates.
 

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