A Californian broker who took part in a scam which cost clients $17million is free after serving just one day in jail. Adam Boskovich, 45, pleaded guilty earlier this month to a misdemeanor for his role in the biggest Ponzi scam prosecuted in Orange County. He was handed the lenient term after judge confirmed Boskovich had paid his share of restitution to swindled investors. Daily Mail reports:
Boskovich was arrested in 2013 on 32 felony counts of lying to the customers for an ex-Minnesota printer accused of running a fraud worth more than $200 million. He assured his clients that he had personally vetted the investment so they would hand over more money while he got a larger chunk of commission, the court was told.
Boskovich claimed not to know the scam’s mastermind was running a full-scale Ponzi scheme, living the high-life in Minnesota on clients’ cash rather than investing it in printing jobs, authorities said. His co-defendant Gerard Cellette of Anoka County, Minnesota, never had a print shop and the jobs did not exist, according to prosecutors. His case is still pending.
Boskovich agreed to a civil settlement with his victims in January 2012, his lawyer told the Daily News. While the exact details are confidential, he was ordered to pay back at least some of the money he had pilfered. He had faced 45 years if convicted before the settlement. ‘We believe, in light of all the facts and circumstances, we believe it was a fair settlement,’ his attorney, Paul Meyer said. Orange County Senior Deputy District Attorney Marc Labreche said the corresponding case had been hindered by the unwillingness of victims to help prosecute as they feared they would never recoup losses.