OLATHE – (February 23, 2021) – A Missouri man has been sentenced to prison and ordered to pay $550,000 in restitution for violations of the Kansas Uniform Securities Act, Kansas Attorney General Derek Schmidt said today.
Daniel Madasz, 70, of Raymore, had pleaded guilty in December in Johnson County District Court to two felony counts of securities fraud and one count of acting as an unregistered investment adviser. The case stemmed from an investigation by the Office of the Kansas Securities Commissioner regarding investor funds solicited by Madasz on behalf of an Arizona business. Madasz agreed to pay $550,000 in restitution to two Kansas victims.
Last week, District Judge Thomas Kelly Ryan sentenced Madasz to 12 months in prison as well as ordering the restitution. Sentencing took place with all parties and witnesses appearing virtually through teleconference.
The case was prosecuted by Assistant Attorney General Stacy Edwards of Schmidt’s office.