Prosecutors: Ponzi scam suspects to stand trial | News
GRAND HAVEN, Mich. (WZZM) -- Two men accused of operating a $9 million Ponzi scheme targeting the elderly will stand trial on all charges.
District Court Judge Richard Kloote bound the men over Friday for trial in Ottawa County Circuit Court.
According to the Michigan Attorney General's office, Jeffrey Ripley, 59, of Sparta, and Danny Lee VanLiere, 60, of Grand Rapids, are accused of defrauding at least 140 people out of $9 million by selling fake securities. Prosecutors say the men pocketed the victims' money instead of putting it into investments.
Previous Coverage: Victims tell of losses to Ponzi scheme
The suspects' company, API Worldwide Holdings, LLC, is also charged in the crime.
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