GRAND RAPIDS, Mich. (WOOD) – There is more bad news for alleged Ponzi scheme mastermind David Wilson McQueen.
Another alleged cohort, Jason Juberg, has taken a plea and agreed to testify against McQueen.
McQueen is alleged to have run several companies from Grand Rapids that the government says swindled nearly $50 million from investors. The scheme wiped out life savings of a number of senior citizens.
Juberg also appears to take the fall for his father, Donald, who as part of the agreement gets charges dismissed.
The Jubergs were involved in a Portage company called American Benefit Concepts. It sold some of McQueen’s investment schemes and promoted another Ponzi scheme run out of California.
McQueen has already seen the man who the government believes was the No. 2 operator in the scheme take a plea.
In December 2013, real estate man Trent Franke also struck a deal and agreed to testify against McQueen.
Juberg agrees to plead guilty to two charges for selling unregistered investments and assisting a felony. He could get a five-year prison sentence.