ROCKFORD, Ill. (AP) - A former Rockford businessman is headed to federal prison after being convicted of stealing millions of dollars through a Ponzi scheme.
The Rockford Register-Star reports (https://bit.ly/1jVAW3e ) that 79-year-old Anthony D’Agostino was sentenced Wednesday to 7 ½ years in prison. He was also ordered to pay $49.4 million in restitution to investors of his former company, Commercial Mortgage & Finance. But he has few assets left after the company was liquidated in bankruptcy.
A federal judge found D’Agostino guilty in January of defrauding investors the last five years he was in business. The charges included mail fraud, wire fraud and securities fraud.
The judge ordered D’Agostino to report to federal prison on July 14.
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Information from: Rockford Register Star, https://www.rrstar.com
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