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posted: 3/5/2013 6:42 AM

Investment adviser sentenced to 6 years in prison

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Associated Press

A Chicago investment adviser has been sentenced to six years in federal prison for allegedly defrauding his clients of more than $1.6 million.

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A federal judge in Chicago sentenced 34-year-old Dimitry Vishnevetsky on Monday.

The office of the U.S. Attorney for the Northern District of Illinois says Vishnevetsky obtained his clients' money through a Ponzi scheme.

Officials say he used the money to cover mortgage and car payments, vacations and athletic club dues, among other expenses.

Federal authorities say his offense was unnecessary. They argue Vishnevetsky could have gotten a legitimate job because he is skilled in the world of finances and has a bachelor's degree in business administration.

U.S. District Judge Ruben Castillo ordered Vishnevetsky to pay nearly $1.7 million in restitution.

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