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Romaine A. Quinn of Rice Lake was ordered Friday in federal court to pay $31,500 in restitution for his involvement in transferring fraudulently obtained money. The funds were from investors in his trading business.
The 44-year-old defendant, the father of Rice Lake Mayor Romaine R. Quinn, was also sentenced to serve 14 months in prison.
Timothy O'Shea, assistant U.S. attorney, said that the defendant had pleaded guilty in May to transferring $7,500 of the victims' investment from a bank in Rice Lake to one in Las Vegas.
According to the criminal complaint, Romaine A. Quinn had solicited money from investors under the pretense of purchasing commodities for resale.
Authorities said that the arrangement amounted to fraud due to the defendant's claims about the return on invested funds, his debt load, how invested monies would be handled and how his prior business ventures had faired.
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