Dec 18, 2024, 10:47 AM CST
MILWAUKEE, Wis (Civic Media) — A Milwaukee County man will spend two years in prison for an investment fraud that led to losses of more than $2.5 million for investors.
David Braeger, a 57-year-old from Fox Point, was sentenced to 24 months in prison this week, U.S. Attorney Gregory J. Haanstad announced.
Braeger is said to have incorporated a fund in 2017. He sold limited partnership shares to 27 investors, collecting more than $5.4 million, claiming the funds would primarily support an automobile dealership.
A statement says Braeger instead misappropriated over $2.5 million for personal expenses, including spending on luxury vehicles and the purchase of a restaurant in Glendale.
At the sentencing hearing, U.S. District Judge Lynn Adelman emphasized the pain and suffering Braeger caused his victims, noting his crime was motivated by “greed and self-aggrandizement.” Braeger, in addition to the prison time, was ordered to pay $2,535,103.19 in restitution.
“Mr. Braeger used his background to steal millions from over two dozen victims,” Haanstad said. “He added insult to the financial injuries by intimidating some victims.”
