Guilty plea entered in Mich. fraud case involving schools

PORT HURON (AP) -- An investment adviser accused of fleecing a western Michigan school district and some local governments has pleaded guilty to fraud.

The FBI says Dante DeMiro of Oakland County received millions from clients but spent it on himself or others. Losses topped $7 million over a three-year period.

DeMiro's clients included the Mona Shores school district near Muskegon; Lapeer County; Comstock Township near Kalamazoo; a credit union in Des Moines, Iowa; and unions. They were told their money was being put into bank certificates of deposit.

The 43-year-old DeMiro pleaded guilty Tuesday in federal court in Port Huron and will return for his sentence on July 12. He worked in Southfield at MuniVest Financial Group.

Published: Thu, Apr 21, 2011