{"id":1450,"date":"2014-05-20T18:46:03","date_gmt":"2014-05-20T18:46:03","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/05\/man_convicted_in_46m_michigan"},"modified":"2022-03-11T10:18:30","modified_gmt":"2022-03-11T16:18:30","slug":"man-convicted-in-46m-michigan","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/man-convicted-in-46m-michigan\/","title":{"rendered":"Man Convicted in $46M Michigan Ponzi Scam"},"content":{"rendered":"

\t\t\t\tDavid McQueen, of Byron Township in Michigan, was found guilty of 15 felony charges, including those involving money laundering, mail fraud, and failure to file taxes. McQueen is accused of running a $46 million Michigan Ponzi scam<\/a> that bilked over 800 victims. Many of them gave him their retirement money, cashed in IRAs, and mortgaged their homes so they could invest.<\/p>\n

McQueen, a former insurance salesperson, began investing people’s money in Multiple Return Transactions, which promising investors 10% returns. It wasn’t until later that he found out that the MRT was actually a Ponzi scam. However, instead of telling investors in his company, Accelerated Income Group, that MRT was a scam, he told them their funds were secure and growing. He then found new investors and took their money to pay off earlier investors. <\/p>\n

According to Assistant U.S. Attorney Matthew Borgula, McQueen paid himself a salary of $100,000 from investor funds. He also gave these customers bogus account statements to make them think that their investments were profitable. The government said that when McQueen discovered that his Michigan Ponzi scam was about to fail, he took 30% of the investors’ money and placed them in highly speculative investment and other scams. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

David McQueen, of Byron Township in Michigan, was found guilty of 15 felony charges, including those involving money laundering, mail fraud, and failure to file taxes. McQueen is accused of running a $46 million Michigan Ponzi scam that bilked over 800 victims. Many of them gave him their retirement money, cashed in IRAs, and mortgaged […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792],"tags":[],"class_list":["post-1450","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams"],"yoast_head":"\nMan Convicted in $46M Michigan Ponzi Scam — Investor Lawyers Blog — May 20, 2014<\/title>\n<meta name=\"description\" content=\"David McQueen, of Byron Township in Michigan, was found guilty of 15 felony charges, including those involving money laundering, mail fraud, and failure — May 20, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/man-convicted-in-46m-michigan\/\" \/>\n<meta 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