MINNEAPOLIS (AP) — A 47-year-old investment adviser from northeastern Minnesota has pleaded guilty in federal court to defrauding 13 investors of nearly $6 million.
Michael Drilling of Grand Marais pleaded guilty Thursday to one count of securities fraud.
In his plea agreement, Drilling admitted to creating a scheme to defraud his investment advisory clients. Prosecutors say through his company, Financial Advisory Partners LLC, Drilling defrauded several of his clients by stealing over $5.6 million of their investment funds.
Defense attorney Allan Caplan says Drilling, formerly of Prior Lake, spent the money on himself and lost it in investments and at casinos.
Assistant U.S. Attorney Timothy Rank tells the Star Tribune (http://strib.mn/1jOJ3C5 ) some of Drilling's victims lost their life savings.
A sentencing date has not been set.
Information from: Star Tribune, http://www.startribune.com