Thomas Demergian, a 63-year-old investment advisor from Madison, over the summer was sentenced to four and a half years in federal prison for bilking his retiree clients out of more than $1 million dollars in a scheme that lasted more than two decades.
Demergian, who defrauded clients of $1.8 million, was sentenced over charges of wire fraud and tax evasion.
Demergian pleaded guilty to the charges in April and began serving his sentence this month. Beyond the prison sentence, he has been ordered to pay restitution.
His scheme began in 2000, when he persuaded clients to invest through a business called IRT Company, according to the U.S. Attorney’s Office.
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