Thomas Demergian, 63-year-old investment advisor officed in Madison, Wisconsin, over the summer was sentenced to 4 1/2 in federal prison for theft from his retiree clients. He reportedly stole $1.8 million dollars in a scheme that lasted over two decades.
Demergian, faced charges of wire fraud and tax evasion.
Demergian pleaded guilty to the charges in April 2024. He began serving his sentence this month. He is also expected to pay restitution.
His scheme began in 2000, when he persuaded clients to invest through a business called IRT Company. Information obtained from the U.S. Attorney’s Office.
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