A Long Island man had pleaded guilty to stealing $3.5 million from investors in a company to develop a powdered form of aspirin that could instantly stop heart attacks and strokes, and using the cash to pay for holidays, divorce payments and a toy race car track he ran.
In 2019, Milne reached an agreement with the Securities and Exchange Commission to shut Instaprin down and to pay nearly $8 million in fines and restitution. Milne had previously pleaded guilty in 1998 to taking part in a boiler-room scam and was sentenced to three years probation. Milne told investors the money was to be used for testing of the drug, to build manufacturing capabilities and general operating expenses, according to court documents. But he instead used the money to pay for a Caribbean vacation, costs for a boat, divorce payments and to operate Island Raceway & Hobby, a toy race car business that he separately owned.
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