Today, the United States Attorney’s Office announced the distribution of approximately $2,000,000 in criminally forfeited funds back to the victims of a Ponzi scheme relating to the investigation and ultimate prosecution of Dante DeMiro.
The following is a list of victims to whom restitution was ordered and to whom forfeited funds will be distributed on a pro rata basis:
Comstock Township
County of Lapeer
American Postal Workers Union
Boilermakers Local 85
Northern Community Credit Union
UAW Local 900
United Services Credit Union
Mona Shores Public Schools
UAW Local 1700
UAW Local 892
Lantec Bank
UAW Local 412
Boilermakers Local 107
UAW Local 723
UAW Local 600
United States Attorney McQuade stated, “This case reflects the way asset forfeiture is used to disgorge the ill-gotten gains from the defendant and return the funds to victims."
Dante DeMiro, formerly of Milford, pleaded guilty to five counts of bank and wire fraud and was sentenced to ten years in federal prison. DeMiro was an investment advisor to various municipalities, credit unions, school districts, and trade unions, through his Southfield-based companies MuniVest Financial Group and MuniVest Services LLC. DeMiro used the MuniVest entities to operate a bank and wire fraud ponzi scheme. DeMiro falsely promised investor clients that he would invest their funds in various certificates of deposit. He did not invest their funds as promised, but instead, used their funds to purchase personal items and real property, to gamble, to make payments to other investors in the same scheme, and to make loans to several individuals and a local jewelry store.
"Asset Forfeiture" refers to the process of confiscating money and property that represent either proceeds of crimes or property used in the commission of crimes. The U.S. Attorney’s Office treats asset forfeiture as a priority because forfeiture is an important deterrent to criminal conduct and facilitates restitution in criminal cases that involve victims who have suffered losses.
Source: U.S. Department of Justice, Office of the United States Attorneys
