Grand Rapids, MI- December 3, 2014
U.S. District Judge Gordon Quist sentenced Ponzi schemer David McQueen to 30 years in prison.
Over 800 victims lost over $40 million to McQueen’s scheme Multiple Return Transactions and Accelerated Income Group, making it one of one of the largest frauds in West Michigan history.
According to U.S. Attorney Sally Berens, McQueen portrayed himself as a Christian doing good work while taking a $150,000 monthly salary.
According to the US Securities and Exchange Commission:
“Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. The fraudsters who promote affinity scams frequently are – or pretend to be – members of the group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme by convincing those people that a fraudulent investment is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraudster’s ruse.”
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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