FOX POINT, Wis. (WFRV) - A 57-year-old man from Fox Point will serve two years in federal prison for orchestrating an investment fraud scheme that caused over $2.5 million in losses to investors. David Braeger was sentenced on Monday by U.S. District Judge Lynn Adelman following his conviction for defrauding 27 investors through a fraudulent venture called Blue Star Automotive Fund. Wisconsin man arrested for possession of child pornography, living in horrid conditions Court records revealed that Braeger, previously barred by the Financial Industry Regulatory Authority (FINRA) from associating with broker-dealer firms, misused more than $2.5 million of the $5.4 million he raised. Although some funds were used as promised to support an automobile dealership, Braeger spent the rest on personal expenses, including luxury vehicles, cryptocurrency, legal fees, and the purchase of the Silver Spring House Restaurant in Glendale. In addition, Braeger misappropriated $100,000 from an investor in a separate venture, claiming the money would fund litigation related to a Ugandan energy company. Instead, he used those funds for personal purposes. Judge Adelman emphasized the emotional and financial harm inflicted on victims, citing Braeger's greed and self-interest as driving factors for the crime. In addition to his prison sentence, Braeger was ordered to pay $2,535,103.19 in restitution. Two hospitalized after semi-truck crash on U.S. Highway 14 in Wisconsin “Mr. Braeger used his background and connections to steal millions of dollars from over two dozen victims,” said U.S. Attorney Gregory Haanstad. “He compounded their financial injuries by attempting to intimidate some victims even as his scheme unraveled. I commend those who worked to ensure accountability and justice for his victims.” The FDIC Office of Inspector General also commended the investigative effort, with Special Agent in Charge Vincent Zehme stating, “Braeger’s scheme not only caused significant financial harm to consumers but also undermined trust in the financial system. We remain committed to holding such offenders accountable.”