Glenview Man Gets 40 Months for Fraud

A Glenview resident was sentenced to 40 months in prison and ordered to pay nearly $4 million in restitution by a U.S. District Judge on Tuesday for investor fraud.

Information from the U.S. Attorney’s Office indicates Richard Demaria, 45, was the managing director of Panorama Global Partners, LLC - a company that “falsely purported to trade in certain financial instruments.” Demaria reportedly fraudulently obtained $4.2 million in investor funds and misappropriated approximately $3.9 million of them.

Demaria, who admitted that he and a business associate fraudulently obtained the funds in 2008 and 2009, will begin serving his sentence on May 19.

He used the investor money for other purposes, including $90,000 on an Aston Martin for a business associate and $600,000 on an Indiana home for another associate.