ST. PAUL, MINN. — Serial scam artist Randy Miland, 63, of White Bear Lake, Minnesota, has been sentenced to 90 months in federal prison for his role in a Ponzi scheme that fleeced investors out of more than $500,000. United States Attorney Gregory G. Brooker announced the sentence on June 6, 2017.
Miland, a former licensed chiropractor, was indicted on June 7, 2016, and pleaded guilty on September 9, 2016. He operated his fraudulent scheme between 2010 and 2014, using investors’ funds to pay personal expenses and make Ponzi-type payments to other investors.
Minnesota Commerce Commissioner Mike Rothman emphasized the impact of Miland’s crimes on Minnesota residents, stating, ‘Randy Miland is a serial scam artist whose trail of swindles has now led him straight to a lengthy prison sentence. By stopping these scams, we are protecting Minnesotans in the financial marketplace.’
Special Agent in Charge Shea Jones of St. Paul Field Office IRS Criminal Investigation highlighted the commitment to investigating investment fraud schemes, stating that ‘committing investment fraud will result in severe consequences’.
Assistant United States Attorney Joseph H. Thompson noted Miland’s previous convictions for financial fraud and his failure to pay restitution to victims of prior scams, emphasizing the collaborative efforts between the Minnesota Department of Commerce and IRS Criminal Investigation Division in bringing him to justice.
The sentence, which also includes $214,517 in restitution and three years of supervised release, is a result of an investigation conducted by the IRS Criminal Investigation Division and the Minnesota Department of Commerce Fraud Bureau.
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Key Facts
- State: Minnesota
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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