- Posted April 17, 2012
- Tweet This | Share on Facebook
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
headlines Oakland County
headlines National
- 50 Years of Service: ABA has been a ‘stalwart ally’ for LSC funding
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Biden recalls time he bluffed knowledge of torts case and why he changed his mind about civil-trial work
- Lawyers’ ‘barrage of personal attacks’ on opponents started with tissue-box toss, appeals court says
- Longtime prosecutor resigns after judge tosses him from case, citing Perry Mason-type revelations
- 24% of law students expect to work in public service, survey says