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Green Lake Man Convicted of Securities Fraud

 

MILWAUKEE - Wisconsin Attorney General J.B. Van Hollen announced today that on March 3, 2011, Gregory J. Garro, 56, of Green Lake, Wisconsin, was sentenced by the Honorable Richard J. Sankovitz, Milwaukee County Circuit Court, Branch 29, to a term of three years probation including 9 months in jail for Garro's convictions on three counts of securities fraud.

 

On January 26, 2011, Garro was convicted of three counts of securities fraud following a three day jury trial in Milwaukee, Wisconsin. Garro sold 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 business was profitable when, in reality, it was experiencing serious financial difficulties.

 

Judge Sankovitz imposed but stayed a four year prison term (two years initial confinement, and two years extended supervision), and placed Garro on probation for three years, with conditions of probation that include the following. Garro was ordered to serve 9 months in the Milwaukee House of Corrections. The court recommended to the Sheriff that Garro not be permitted to serve any portion of his sentence on electronic monitoring. Garro was ordered to seek full employment and pay restitution to the victim in the amount of $35,000, the amount the court found could realistically be repaid. The court prohibited Garro from offering for sale any security, and Garro was ordered to provide a DNA sample. The court granted permission for Garro to serve his jail sentence in a different county jail, if he is employed in another county and that jail will accept him.

 

Garro must report to the Milwaukee County House of Correction on or before March 17, 2011, to begin his jail sentence.

 

The state was represented in this case by Assistant Attorney General Gary A. Freyberg.