CHICAGO — An Illinois real estate broker has been sentenced to 40 months in federal prison for defrauding about $4.2 million from investors in his firm.
Forty-five-year-old Richard DeMaria of Glenview, a former managing director of Panorama Global Partners, LLC, pleaded guilty to investment fraud in December 2013. He was sentenced Tuesday and ordered to pay $3.9 million in restitution.
A statement from the U.S. attorney's office says DeMaria and a business associate falsely told clients it would use their money to trade in certain financial instruments. Prosecutors claimed DeMaria didn't plan to use the money for that purpose, and neither he nor his business associate was able to lease or trade those financial instruments.
DeMaria was accused of using at least $3.9 million of investor money for other purposes, including a $90,000 Aston Martin and a $600,000 home.