GET ME REWRITE: Madison wealth adviser takes some bad advice from himself

 

Headline:  Wisconsin State Journal, 9/4/2024

Demergian ran Insight from his home in the Hawk’s Landing neighborhood on Madison’s Far West Side, and persuaded certain clients to invest money with him through “IRT Company.” He falsely told clients that he would invest their money with real estate trusts and mutual funds, prosecutors said, but in reality, once clients sent their money to Demergian, he diverted those funds to a bank account in his own name. 

Demergian met with clients annually and provided them with fictitious investment portfolio summary sheets reflecting positive growth, the U.S. Attorney’s office said. When clients asked him to liquidate their investments, Demergian told them that such a decision was imprudent or provided other false reasons why their requests could not be completed.