Ottawa County man sentenced in fraud case
Jul 21, 2015 at 11:47 AM
Investigators said Jeffrey Folkert, 42, tricked family and friends into investing in his Internet company, iStorm Solutions, promising a large return. Instead, it's believed he stole $1.5 million from them.
A federal district judge in Grand Rapids also ordered Folkert to pay $1.3 million in restitution to the victims and a $7,500 fine.
Earlier this year, Folkert pled guilty to one count of mail fraud. He admitted to using the U.S. mail to commit the scheme.
Folkert also admitted to using investor money to pay for his own expenses, to transfer money to foreign accounts for Internet gambling and buy new cars.
The FBI and Michigan State Police investigated the case.