TRENTON, N.J. – A New York man was sentenced to 56 months in prison on March 31, 2022 for perpetrating a scheme to defraud more than 70 investors through a long-running securities offering fraud that raised more than $4 million and caused investor losses of more than $3.5 million, U.S. Attorney Philip R. Sellinger announced.
Donald A. Milne III, 57, of Massapequa, New York, previously pleaded guilty by videoconference before U.S. District Judge Michael A. Shipp to an information charging him with one count of securities fraud. Judge Shipp imposed the sentence in Trenton federal court.
According to documents filed in this case and statements made in court:
Beginning in 2012, Milne founded Instaprin Pharmaceuticals Inc. (Instaprin), a purported pharmaceutical corporation that operated in New York, for the stated purpose of developing a fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes. Instaprin was a successor entity to another New York corporation, SPI Acquisition Corp. (SPI), which Milne founded in 2010 for the stated purpose of acquiring assets for the development of the same fast-acting form of powdered aspirin. Milne was the founder, president, and chief executive officer of Instaprin and SPI, and exercised complete and exclusive control over them, including the offer, marketing, and sale of securities issued by those entities.
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