Man gets 5 days in jail for defrauding investors

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An Alpine man gets five days in jail for defrauding investors out of $23 million back in 2004.

Michael Fitzgerald pleaded no contest to securities fraud, but the Salt Lake Tribune says 24 different investors asked the judge to keep Fitzgerald out of prison so he could pay them back.

The judge gave Fitzgerald five days in jail and 15 years of probation. He also has to pay $23 million in restitution on a strict timetable.

The judge reportedly gave Fitzgerald the five days in jail as a sample of what he'd get if he didn't stick to the payment schedule. Fitzgerald and other investors say his brother was really to blame for the company's failure.


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