- Associated Press - Tuesday, May 17, 2016

SANTA ANA, Calif. (AP) - A Minnesota man who ran a nationwide investment con has been sentenced to 35 years in a California prison.

Gerard Cellette also was fined $42 million Tuesday and was ordered to repay $21 million to some 55 Orange County residents.

He pleaded guilty Monday to 455 state charges. Cellette ran a printing company from his home in Anoka County, Minnesota.

Prosecutors say he got investors by falsely claiming to have large corporate contracts, spending new investors’ money to repay older ones.

His lavish lifestyle included fancy cars and homes with amenities such as a bowling alley and malt shop.

Overall, Cellette bilked people out of $53 million in California, Minnesota, Georgia, Arizona, Colorado, Hawaii, and Illinois.

He’s already serving eight years in Minnesota following a conviction there.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide