Randy Miland, a 62-year-old man from White Bear Lake, Minnesota, has pleaded guilty to operating a Ponzi scheme that stole or attempted to steal over $500,000 from investors.
According to the defendant’s guilty plea, between 2010 and 2014, Miland fraudulently solicited approximately $575,000 from investors, telling them that he would use their money to invest in futures and other legitimate investments.
Instead, he used their money to pay personal expenses, including court-ordered restitution to victims of his prior scams, and to make Ponzi-type payments to other purported investors.
Miland concealed from the new victims that he had been twice convicted of fraudulent conduct, that he was forbidden by the Minnesota Department of Commerce from offering or selling securities, and that he still owed more than $1.5 million in restitution to victims of prior schemes.
Miland was convicted in 1999 in state court of theft by swindle and ordered to pay more than $1.5 million in restitution to the victims of his scheme. As of May 2016, Miland still owed to the victims nearly the entire amount.
Miland was convicted in 2006 in federal court of fraud and ordered to pay more than $250,000 in restitution to the victims. As of May 2016, Miland owed approximately $124,000 in restitution.
The case is being prosecuted by Assistant United States Attorney Joseph H. Thompson.
This case is the result of an investigation conducted by the Criminal Investigation Division of the IRS and the Minnesota Department of Commerce Fraud Bureau.
Related Federal Cases
- Bryan Reichel, Investment Fraud Scheme, Minnesota 2016 · Minnesota
- Jill M. Evans, Wire Fraud and Money Laundering, Colorado 2017 · Minnesota
- Dean J. Kostelecky, Mail Fraud and Money Laundering, North Dakota 2017 · Colorado
- Svetislav Vujovic, Financial Institution Fraud, Minnesota 2023 · Illinois
- Brett C. Lillemoen, USDA Export Credit Guarantee Program Fraud, Minnesota 2007 · Colorado
Key Facts
- State: Minnesota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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