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Former Minn. man pleads to investment scheme

MADISON, Wis. (AP) — A former Minnesota man accused of defrauding investors out of more than $2 million has pleaded guilty to mail fraud.

Federal prosecutors say Garry Milosevich, formerly of Duluth, and his partner, Daniel Tepoel, ran a fraud scheme from 1997 until 2007.

They told investors they had access to international trading programs that didn’t exist. They used the investment money to travel and purchase construction materials for a failed Grenada resort. Investors never received promised gains and lost about $2.5 million in principal.

Tepoel was sentenced to 11-½ years in prison in 2008.

Milosevich was captured in Honduras last year. He entered his plea Thursday in federal court in Madison. He could face up to 20 years in prison when he’s sentenced in April.

His attorney didn’t immediately return a message.

One comment

  1. I have been following this story since 2008. What the public doesn’t know is that
    Mr. Tepoel wasn’t given a fair trial and that Mr. Milosevich entered a plea
    bargain because he knew he would not be given a fair trail. This article mentions a “failed resort in Grenada” and an “international trading program that didn’t
    exist” yet prosecutors and the court never ever gave either gentlemen a
    chance to prove differently. During Mr. Tepoels trial, 99.9% of his evidence
    was not allowed to be heard by the jury because the prosecution said this
    Grenada resort did NOT exist so any mention of said resort would not be
    allowed. Any and all evidence regarding the resort and all trading programs invested in would not be allowed because the prosecution and court said it had absolutely nothing to do with this case. The public needs to hear BOTH sides of the story and these men should be given every opportunity to tell their story. Unfortunately,
    it didn’t happen in the manner of a fair trial. Reporting should be unbiased. We’ve heard what the prosecutors wanted us to hear now it is time to here the other side. The truth. TO ALL REPORTERS OUT THERE,CONTACT MR. MILOSEVICH AND MR. TEPOEL AND REPORT THEIR SIDE OF THIS STORY. YOU WILL BE SURPRISED WHAT LIES BELOW THE SURFACE. It’s only fair. Justice.

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