Written by
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.
Related Posts
-
Judge sets dates for Menendez brothers’ resentencing hearings Posted: May 9, 2025 at 2:56 pmResentencing hearings for Erik and Lyle Menendez will move forward
Read more » -
Family of a helicopter pilot killed in a California wildfire reaches a $15 million settlement Posted: at 2:56 pm
The family of a helicopter pilot who died when his
Read more » -
San Francisco region’s commuter trains are running again after hours-long stoppage Posted: at 2:55 pm
Thousands of commuters in the San Francisco Bay Area were
Read more » -
OpenAI CEO Sam Altman and other US tech leaders testify to Congress on AI competition with China Posted: May 8, 2025 at 2:31 pmOpenAI CEO Sam Altman and executives from Microsoft and chipmaker
Read more »
Central Valley Biz Blogs
-
BLOG: Bill advances that would undermine PAGA reform
Posted: April 25, 2025 at 1:59 pm
Reform of the Private Attorneys General Act (PAGA) was one
Read more » -
BLOG: Should breaking news alter your investment strategy?
Posted: April 22, 2025 at 2:03 pm
More than ever before, investors are inundated with news alerts
Read more »
