SAN DIEGO (CN) - A San Diego investment adviser was sentenced Monday to 2½ years in federal prison for wire fraud and ordered to pay $844,800 in restitution.
Walter Andrew Mills, 45, pleaded guilty to wire fraud on June 6.
He admitted he'd persuaded a victim to invest $419,000 in his company, Cabrillo Investment Group, while "concealing the fact that the victim's previous investments in HessGen, Inc. had been misappropriated," the U.S. Attorney's Office said.
He took another $425,000 from other victims, allegedly to put into HessGen and another company, Smart Gaming Software, but in both cases he "diverted a significant portion of the money to his own personal use," the U.S. attorney said.
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