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Judge sentences man for $46.5M Ponzi scheme

December 3, 2014
| By AP |
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A man convicted of leading a $46.5-million Ponzi scheme has been sentenced to federal prison.

David McQueen of Byron Township, who targeted the elderly, promised steady payments to hundreds of investors. But Investigators said he simply moved money back and forth to keep checks afloat.

Grand Rapids federal Judge Gordon Quist sentenced McQueen today to 30 years in prison, six months after he was convicted of fraud and other crimes.

Assistant U.S. Attorney Sally Berens said McQueen, 44, portrayed himself as a Christian doing good works, while taking a $150,000 monthly salary.

Prosecutors said he owes $32 million in restitution.

Quist said McQueen still takes no responsibility.

McQueen blames lawyers and others for his failed investments.

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