Alleged Mastermind Behind Mona Shores Public School Ponzi Scheme Arrested

Dante DeMiro appeared in U.S. District Court in Port Huron for a hearing on a request by his high-profile attorney to withdraw from the Ponzi scheme case in which Mona Shores is one of several alleged victims.
Mona Shores Public School officials, residents, and attendees were stunned to hear FBI allegations in September that the school district lost up to $3.7 million in an alleged Ponzi scheme operated by DeMiro. DeMiro had been a respected figure, trusted by the district with financial matters since 1999.
Lapeer County, Comstock Township, a credit union in Iowa, and a bank in Virginia are all alleged victims in the Ponzi scheme. DeMiro purportedly used Mona Shores’ $3.5 million in bond proceeds intended for school improvements to pay Lapeer County and Comstock Township for CD’s he actually never purchased.
After the judge granted DeMiro’s attorney request to withdraw due to a conflict of interest, DeMiro was taken into custody. DeMiro is facing five felony counts for bank and wire fraud, and has requested a public defender in the case.

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