KALAMAZOO, Mich. (WOOD) - A former financial adviser will spend seven and a half years in prison for stealing millions of dollars from clients in a fake investment scheme.
Joseph Fabian was also sentenced Monday to three years of supervised release and ordered to pay $3,826,116.54 in restitution. He has repaid $69,479.16 of that amount.
Federal prosecutors estimate Fabian took $4.8 million.
Earlier in the case he told a judge he took money from a Kalamazoo couple and others, promising he was putting the money in bank CDs. He explained that he created those fake certificates to show clients "where their money was ... but it "really wasn't." Clients' money was funneled to other businesses tied to Fabian.
In a separate ruling on Monday, the judge ordered Fabian to forfeit 12 properties owned by Fabian and companies or trusts for which Fabian has a stake. That includes personal property at those locations and a number of military-related items, vehicles and farm equipment.
Fabian's family has been fighting against the seizure of this property, claiming they are the owners of some of these properties and items, and not Fabian. Federal prosecutors argued the land and items were purchased with money from his fraud, and are subject to forfeiture to repay his victims.
Hey Clark W. Griswold...it looks like you have some competition!
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