- Posted December 05, 2014
- Tweet This | Share on Facebook
Michigan man gets 30 years for $46.5M Ponzi scheme
GRAND RAPIDS (AP) - A western Michigan man convicted of operating a $46.5 million Ponzi scheme that targeted elderly investors was sentenced to 30 years in federal prison on Wednesday.
David McQueen, 44, was convicted earlier this year of fraud and other charges related to the scheme. Prosecutors say he promised to make steady payments to hundreds of investors, but really just moved money between accounts to keep checks from bouncing.
The courtroom was packed with victims for his sentencing hearing, The Grand Rapids Press reported. U.S. District Judge Gordon Quist said many victims are in financial ruin, including a woman who invested $500,000 with him who was then unable to pay for her sick husband's medical care and funeral.
"Mr. McQueen does not take any responsibility for what has occurred here," Quist said. "He can say he's sorry in an abstract sense but I don't think he feels it."
Assistant U.S. Attorney Sally Berens said McQueen portrayed himself as a Christian doing good works while taking a $150,000 monthly salary. McQueen still owes $32 million in restitution, prosecutors say.
McQueen, who lived in Kent County's Byron Township, has blamed lawyers and others for his failed investments.
His business partner, Trent Francke, pleaded guilty to securities and tax charges. Quist sentenced him Tuesday to seven years in prison.
Published: Fri, Dec 05, 2014
headlines Oakland County
- Annual Meeting
- Board of Commissioners dedicates funding to complete $29 million in local Oakland County road projects
- Supreme Court leaves in place Avenatti conviction for plotting to extort up to $25M from Nike
- Washington Twp. man guilty of killing his wife
- ABA meeting tackles AI, other ethical issues in changing landscape of profession
headlines National
- This Los Angeles lawyer found her calling as a death doula
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Artificial intelligence tools for brief writing and analysis are a small firm litigator’s new best friend
- Baker McKenzie partner drops suit seeking IRS documents on partnership scrutiny
- Family members sue networks after learning of loved ones’ deaths by seeing bodies on TV
- Ex-BigLaw attorney once ‘consumed with remorse’ over $10M client theft sentenced in new scheme