Milton R. Bloomquist, a Layton man who played the securities market with other people's money and lost, was sentenced Wednesday to six months in prison and five years on probation.
Bloomquist lost a total of $2.5 million for 100 investors in Utah, Idaho and Kentucky, prosecutors charge. But on Wednesday, he told U.S. District Judge J. Thomas Greene that the number of accounts on which he was making money was greater than the number on which he was losing.It's just that he lost so much on those that lost money, commented Assistant U.S. Attorney William Ryan.
Bloomquist, 62, pleaded guilty in December to two counts of trading in unregistered securities. At one point, he said he believed he was operating legally.