GRAND RAPIDS, Mich. (AP) -- An insurance salesman has been convicted in a $46 million investment scheme involving more than 800 families.
U.S. Attorney Patrick Miles says 43-year-old David McQueen of Byron Center was convicted in federal court in Grand Rapids of six counts of mail fraud, six counts of money laundering and three tax counts stemming from a Ponzi scheme that spanned three years.
McQueen faces up to 20 years in prison on each fraud and money laundering count.
Authorities have said money was collected from investors and invested in a company that turned out to be a fraud. McQueen was accused of keeping $100,000 a month for himself, while payments were made to some investors with cash from others.
Victims included unsophisticated elderly investors.
Investors were sent account statements showing investments were growing.