- Posted April 17, 2012
- Tweet This | Share on Facebook
Ex-Mich. stockbroker gets 9 years for Ponzi scheme
GRAND RAPIDS (AP) -- A former Grand Rapids stockbroker has been sentenced to nine years in federal prison for his role in a $6 million Ponzi scheme.
Martin Wegener learned his fate last Friday.
The Grand Rapids Press reports the 44-year-old pleaded guilty to mail fraud for sending falsified account statements to investors.
U.S. District Court 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."
Published: Tue, Apr 17, 2012
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- This LA lawyer levels up legal protections in the video game industry
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Legal champions to receive Spirit of Excellence Award at 2026 ABA Midyear Meeting
- Fake Sullivan & Cromwell entities used by scammers should be dissolved, suit says
- Hackers gained access to ‘small number’ of attorney emails at Williams & Connolly, firm confirms
- Before joining Anderson Kill, judge was accused of rude behavior on bench, retaliatory threats in ethics case
