1/21/2016- Grand Rapids, MI
David McQueen‘s conviction and 30 year prison sentence for mail fraud, money laundering and tax charges was upheld by the Sixth Circuit Court of Appeals in Cincinnati.
McQueen’s Ponzi scheme targeted elderly and unsophisticated investors and cost victims $46 million. McQueen’s scheme failed after he used investor money to invest in a separate Ponzi scheme operated by another scammer. When that company ceased making distributions, McQueen’s company failed.
As it began to fail McQueen took ever greater risks with the remaining capital, investing in highly speculative investments and scams. While the money dwindled, McQueen provided investors with statements showing their money safe and growing, as he collected a $100k a month salary and lived a lavish lifestyle.
If it seems too good too good to be true, it probably is. Investors should be wary of any deal that seems too good to be true.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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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