Written by The Business Journal Staff
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.