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Man to pay $843,000 to settle alleged Ponzi scheme

MENOMINEE FALLS, WI (WTAQ) - A Menominee Falls man will have to pay $843,000 to settle an alleged Ponzi scheme.

The U.S. Securities and Exchange Commission says 58-year-old Michael Enea agreed to a settlement on allegations he milked investors in Wisconsin and Illinois out of $2 million, from June 2006 to this past May.

The SEC says all of the investor funds have dissipated, adding a good chunk of it was spent on several personal expenses.