In Michigan
6:53 am
Tue October 6, 2009

Investment adviser sentenced in fraud case

MASON, MI – A Lansing-area investment adviser accused of defrauding investors of hundreds of thousands of dollars has been sentenced to five to 30 years in prison.

Ingham County Circuit Judge Joyce Draganchuk also ordered Jeffrey Sadlak of Delta Township to pay $487,384 in restitution to his victims.

Draganchuk said during Monday's sentencing hearing: "I think our prison space is very, very well-used with your person being in it, Mr. Sadlak."

According to court documents, the 54-year-old Sadlak used investors' money over a three-year period to pay other investors, himself and even his daughter's rent.

Prosecutors have said Sadlak was charged in May 2008 with larceny, then charged that September on charges of continuing criminal enterprise and larceny by conversion over $20,000.