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Mich. Man's Ponzi Scheme Bilked Investors Out of $1.5 Million

Submitted by ckanon@abi.org on
A Jenison, Mich., financier who filed for bankruptcy last year is accused of running a $1.5 million Ponzi scheme over a five-year period that targeted elderly clients, WZZM reported yesterday. Scott Rookus is facing 33 felony charges, including conducting a criminal enterprise and multiple counts of embezzlement that could put him behind bars for decades. The criminal complaint identifies nine people who were victimized between June 2010 and March 2015. Four of the victims are listed as creditors in his March 2015 bankruptcy filing. Charges were announced in a news release from Attorney General Bill Schuette’s office. “The crime this man allegedly committed destroyed the savings of many people who are on a fixed income,’’ he said. “Instead of admitting his mistakes, he furthered his criminal enterprise in an attempt to cover his already illegal dealings.’’ Rookus obtained $1.5 million in investment funds through his company, New Haven Holdings; many of his clients were senior citizens.
 
For a further analysis of commercial fraud, make sure to pick up a copy of ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.

 

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