- Associated Press - Thursday, June 30, 2016

SIOUX FALLS, S.D. (AP) - The owner of a Sioux Falls-based record company who admitted to gambling away more than $1 million in investment money has been sentenced.

The Argus Leader reports (https://argusne.ws/297ULvn ) that Madhouse Entertainment founder Michael Zimmer was ordered to spend four years and three months in federal prison, and to repay the investors’ money.

Zimmer was accused of getting people to invest in his company to promote rap concerts that never occurred, and using the money instead for gambling trips to Las Vegas and other cities.

He was arrested in January on nine counts of federal wire fraud and pleaded guilty to one count in April under a deal with prosecutors.

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Information from: Argus Leader, https://www.argusleader.com

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