Chubbuck Man Accused of Running Ponzi Scheme
Published at | Updated at
(CHUBBUCK) – A Chubbuck investor has been indicted by a federal grand jury on allegations of stealing more than $960,000 from clients through a ponzi scheme. 35-year-old Brad Lee Demuzio faces five counts of wire fraud for his role in handling the assents of 16 clients. Investigators say the suspect established Demuzio Capital Management, LLC to solicit and use capital money on foreign markets. Demuzio is accussed of using the money for personal gain including mortgage payments, loans, and retail goods.