Federal court upholds Ponzi scheme conviction

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

GRAND RAPIDS, Mich. (WOOD) — A federal appeals court has upheld the conviction and sentence of a Byron Center man who stole tens of millions of dollars in a Ponzi scheme.

In December 2014, David Wilson McQueen was sentenced in the federal court in Grand Rapids to 30 years in prison. On May 9, 2014, after a six-week trial, a jury found McQueen guilty of six counts of mail fraud, six counts of money laundering and three tax counts from a massive Ponzi scheme.

McQueen bilked nearly 800 investors out of about $46 million in the scheme. Over the course of about three years, he collected investments for a failing company and used cash from new investors to make promised interest payments to clients. All the while, he pocketed investors’ money.

Target 8 has been chasing the scam since 2007. McQueen was busted by the FBI in 2009.

Comments are closed.