Ex-Mich. stockbroker gets 9 years for Ponzi scheme

GRAND RAPIDS (AP) -- A former Grand Rapids stockbroker has been sentenced to nine years in federal prison for his role in a $6 million Ponzi scheme.

Martin Wegener learned his fate last Friday.

The Grand Rapids Press reports the 44-year-old pleaded guilty to mail fraud for sending falsified account statements to investors.

U.S. District Court Judge Robert Holmes Bell told Wegener the investors are "devastated because they believed" in him and "don't trust anybody now."

The judge ordered Wegener's immediate incarceration and said he hoped others who consider similar frauds recognize that consequences are "likely to be harsh."

Published: Tue, Apr 17, 2012