McQueen found guilty on fifteen counts

David McQueen goes into federal court for a bond violation hearing, after which he was incarcerated. (April 8, 2013)

GRAND RAPIDS, Mich. (WOOD) — A Byron Center man was found guilty of mail fraud and money laundering Friday.

David Wilson McQueen was accused in federal court of a $46 million investment scheme that left hundreds of people broke.

McQueen’s Ponzi scheme took nearly $5 million from 800 victims.

The US Attorney says McQueen targeted unsophisticated investors who were often elderly. Some of McQueen’s victims lost their life savings.

McQueen faces up to twenty years in prison on some of the fifteen criminal counts he was found guilty of when he is sentenced.

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