Southfield Investment Advisor Indicted

Dante DeMiro, age 43, the founder and managing director of MuniVest Financial Group and MuniVest Services LLC in Southfield, Michigan, was indicted by a federal grand jury in Detroit today on charges of bank and wire fraud, United States Attorney Barbara L. McQuade announced. McQuade was joined in the announcement by Andrew Arena, Special Agent in Charge, Federal Bureau of Investigation.

The indictment charges that from at least March 2009 to September 2010, DeMiro falsely promised multiple clients that he would purchase millions of dollars in certificates of deposit (CDs) for investment on their behalf. Clients included municipalities, a school district, a bank, and a credit union serving church members, employees and other church related institutions. DeMiro did not purchase the CDs as promised, but rather, used the funds to make loans to a local jewelry store and re-pay other prior investors in the scheme. Current losses as quantified in the indictment are approximately $10 million.

An indictment is only a charge and is not evidence of guilt. The defendant is entitled to a fair trial in which it will be the government's burden to prove guilt beyond a reasonable doubt.

If convicted on the bank fraud charges, DeMiro faces a statutory maximum penalty of 30 years in prison and a $1 million fine. If convicted on the wire fraud charges, he faces a statutory maximum penalty of 20 years in prison and a $250,000 fine.

The case is being prosecuted by Assistant U.S. Attorney Erin Shaw. Assistant U.S. Attorney Linda Aouate is handling the case's asset forfeiture aspects.