$10 Million Scheme Scams Church CUs
The FBI said a school district, state municipalities and credit unions that served several churches were among the victims of a $10 million Ponzi scheme run by a Southfield, Mich., investment adviser.
By Peter Westerman | October 19, 2010 at 08:00 PM | The original version of this story was published on Credit Union Times Magazine
Through MuniVest Financial Group and MuniVest Services LLC, Dante DeMiro promised clients he would buy certificates of deposit worth millions of dollars, the FBI said. However, DeMiro, the founder and managing director of the MuniVest firms, used the investors' funds to pay back investors who previously worked with him and to make loans to a local jewelry store.
Peter Westerman