BOISE -- A Middleton man faces two to 10 years in prison for bilking investors of $326,000.
The Idaho Press-Tribune reports 4th District Judge Richard Greenwood sentenced 55-year-odl Gerald Silence on Tuesday. Silence pleaded guilty in March to two felony counts of selling unregistered securities. Numerous charges of securities fraud, grand theft and selling unregistered securities were dismissed as part of the plea agreement.
Greenwood also ordered Silence to pay $326,000 in restitution to the victims, but said he doubted they'd see much more than the $10,000 he paid prior to sentencing.
Prosecutors say Silence told investors he would put their money in real estate and other projects, but transferred the funds to other accounts he controlled and used some of the money for personal expenses.