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, of Middleton, pleaded guilty earlier to one count of wire fraud. Authorities say several of the investors lost their retirement savings to Arrington.
The 44-year-old 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. U.S. District Judge Brett Ludwig sentenced Arrington Thursday to 33 months in prison.