According to a recent article published in The Detroit News, Charles David Eizelman, of West Bloomfield Township, has been sentenced in Wayne County for an alleged Ponzi scheme that targeted senior investors and took in hundreds of thousands of dollars from victims.
According to the authorities, 69-year-old Eizelman preyed on older investors by allegedly promising to invest their cash in legitimate products. His investors did receive the so-called interest payments for a while, but realized something was amiss when the payments stopped coming. It is believed that Eizelman took in cash from investors and used that money to pay off prior investors instead of actually investing the funds. Investors began contacting the Attorney General’s office in 2010, and Eizelman pleaded guilty in August 2012.
The article quotes Attorney General Bill Schuette regarding the Ponzi scheme case, who stated that, “Con men target our seniors and our most vulnerable, those who can least afford to lose their hard-earned dollars. We will remain aggressive in our efforts to prosecute scam artists who prey on our parents and grandparents.” Eizelman was sentenced to five years of probation, and he must make restitutions payments totaling $387, 100. If Eizelman is unable to keep up with quarterly payments of $34,000, he will also spend one year in jail. According to reports, Eizelman paid $100,000 to his victims at the time of the sentencing.
If you or a family member has sustained investment losses in a Ponzi scheme or investment scam, an experienced Ponzi scheme lawyer can provide valuable guidance. Contact Meyer Wilson today.