MILWAUKEE (AP) — A Wisconsin man convicted in a $2.4 million investment scheme involving more than 20 victims has been sentenced to nearly three years in prison.
Jeremy Arrington, 44, of Middleton, pleaded guilty earlier to one count of wire fraud. Authorities say several of the investors lost their retirement savings to Arrington.
Arrington was the chief financial officer for Wisconsin Home Buyers Network, a real estate business. Investigators say he ran a Ponzi scheme by promising investors returns ranging from 12% to 36% with little or no risk.
Investor funds were combined with other funds and used for payments to existing investors, payroll for related businesses, debt reduction, personal draws by the partners, back taxes and legal fees, according to the complaint.
U.S. District Judge Brett Ludwig sentenced Arrington Thursday to 33 months in prison.