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Several credit unions, a school district and state municipalities were among the victims of a $10 million Ponzi scheme run by a Southfield, Mich., investment adviser, according to the FBI.

Through MuniVest Financial Group and MuniVest Services LLC, Dante DeMiro promised clients he would buy certificates of deposit worth millions of dollars, the FBI said. However, DeMiro, the founder and managing director of the MuniVest firms, used the investors’ funds to pay back investors who previously worked with him and make loans to a local jewelry store.

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