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MILWAUKEE - Wisconsin Attorney General J.B. Van Hollen announced that on January 26, 2011, Gregory J. Garro, 56, of Green Lake, Wisconsin, was convicted of three counts of securities fraud following a three day jury trial in Milwaukee, Wisconsin, before the Honorable Richard J. Sankovitz, Milwaukee County Circuit Court, Branch 29.
Garro was convicted of selling 3 securities taking the form of promissory notes to a Milwaukee County woman from November, 2002, to February, 2003. Garro was convicted of securities fraud for willfully omitting to tell the investor about material facts necessary to make statements he made about the investments not misleading. Garro told the investor that his construction business was profitable when in reality, it was experiencing serious financial difficulties about which he did not tell the investor. The investor lost $78,000 in this securities fraud.
Sentencing has been scheduled for March 3, 2011. Garro faces maximum penalties of up to 7 years, 6 months imprisonment, and a $5,000 fine, for each charge.
The state was represented in this case by Assistant Attorney General Gary A. Freyberg.