MUNCIE, Ind. (AP) — A Brooklyn, N.Y., man was sentenced to three years in prison for his role in an investment fraud scheme that cost Ball State $13.1 million.
The Star Press reported that 46-year-old George Montolio was sentenced March 7, 2013, after pleading guilty in New York City to one count of wire fraud. His conviction was related to a $5 million investment by the university.
The U.S. attorney's office and Ball State officials have kept quiet about the investigation because it is ongoing.
Seth Beoku Betts, 38, was sentenced to four years in prison for wire fraud earlier this month. Betts has been ordered to pay $8.16 million in restitution and Montolio has been ordered to pay $3.8 million. The remaining $1.2 million remains unaccounted for.
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