Ex-Mich. stockbroker gets 9 years for Ponzi scheme

A former Grand Rapids stockbroker has been sentenced to nine years in federal prison for his role in a $6 million Ponzi scheme.
AP Wire
Apr 14, 2012

 

Martin Wegener, 44, learned his fate on Friday. Wegener pleaded guilty to mail fraud for sending falsified account statements to investors.

U.S. District 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."
 

 

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