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Ex-Mich. stockbroker gets 9 years for Ponzi scheme

AP Wire • Jul 21, 2015 at 11:29 AM

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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