People in Michigan and elsewhere who find themselves in financial trouble are often unable to resist the temptation to participate in Ponzi schemes or other methods to con others into investing in nonexistent profitable projects. According to a recent indictment in a federal court, a 50-year-old man in another state is accused of white collar crimes involving scamming others into investing money in Christian support groups. It is alleged that he took advantage of fellow churchgoers and co-workers.
Court documents indicate that the alleged fraud started in 2013 when the accused man founded a company that promised to pay investors significant monthly and annual rates of interest. Instead of investing the funds in the support groups, it is alleged that the funds were instead invested in foreign exchange. Investigators allege the Ponzi scheme continued through 2018. The man allegedly used some of the investors’ money to pay himself a salary, while sending the investors fake documented proof of the interest they gained.
According to the federal grand jury indictment, the charges filed against the alleged conman include several counts of wire and mail fraud along with a count of money laundering. The total amount involved in the scheme exceeds $1 million. This amount is the total claims of about 20 investors.
In the time leading up to his federal court appearance in July, the accused man will likely rely upon the support and guidance of an experienced criminal defense attorney. Similarly, anyone in Michigan who faces white collar crimes charges will benefit from the skills of an attorney with extensive experience in defending people under these circumstances. Legal counsel can assess the charges and the evidence in order to contest the formal accusations in pursuit of the possible possible result.