A Ponzi scheme is a form of fraudulent investment operation that lures investors by promising high returns with little to no risk. In reality, there are no legitimate investments involved. Instead, the scammer uses funds from new investors to pay returns to earlier investors, presenting the illusion of profitability. A Ponzi scheme lawyer serving Michigan will help recover your losses.
Throughout our years of practice, we have served thousands of clients and recovered over $350 million in past case results. If your family experienced significant financial losses due to investment fraud, call Meyer Wilson for a free initial consultation with a Michigan investment fraud lawyer.
The Right Law Firm to Handle Your Case
As soon as you suspect you have become the victim of a Ponzi scheme, talk to an investment fraud lawyer. This is a serious form of investment fraud that could steal thousands of dollars out of your pocket. If you have already lost money because of fraud, an attorney could help you understand what to do next.
There are many benefits to collaborating with our experienced legal team, including:
- Our Michigan Ponzi scheme lawyers offer personalized counsel for each client.
- Our attorneys are not intimidated by large corporations or aggressive legal teams.
- Our law firm has been representing clients in securities fraud claims for more than 25 years.
- Our attorneys accept Michigan Ponzi scheme lawsuits on a contingency fee basis.
Bringing a civil claim against the scheme coordinator, for example, could result in repayment of your damages. When you retain our Michigan investment loss recovery lawyers, you benefit from insights offered by legal professionals with years of experience handling claims.
What Qualifies as a Ponzi Scheme?
Charles Ponzi, an Italian immigrant to the United States, became infamous for perpetrating one of the most well-known financial frauds in history, now bearing his name. In the early 20th century, He promised investors extraordinary returns through a scheme involving international reply coupons (IRCs).
He claimed to exploit differences in currency exchange rates to generate profits, but in reality, he was using funds from new investors to pay returns to earlier ones. The scheme collapsed, ruining thousands of investors and resulting in Charles’ imprisonment.
Since then, the term “Ponzi scheme” has become synonymous with any fraudulent investment scheme that operates on a similar principle, promising high returns but ultimately relying on an unsustainable influx of new investors to pay returns to earlier ones.
This type of fraud preys on individuals who may have limited experience with investing, exploiting their trust and desire for financial security. It’s a devastating blow, especially for retirees or those nearing retirement who were relying on these investments for their future financial well-being.
How to Spot a Ponzi Scheme in Michigan
This type of scheme works by paying people who have already invested in an opportunity that does not exist with funds from new investors. The cycle will continue until the scammer runs out of money to recycle to existing investors, resulting in a collapse and $0 back for investors. These schemes are similar to pyramid schemes, with some of the same warning signs.
Red flags that might signal a fraudulent scheme include:
- Promises of fast returns with low risk
- Steady returns, even in a downward market
- Unlicensed sellers
- Overly complex investment strategies
- Trouble taking payments out of an account
- Issues with documentation
- An investment that seems too good to be true
Even savvy and experienced investors can fall prey to a sophisticated scheme. If you are new to investing, learning a few common red flags could help you stay away from a false investment opportunity.
Meyer Wilson can help you spot fraud and potentially recover financial compensation for losses you suffered due to an investment scam.
You Could Recover Compensation
If someone has taken your money as part of a fraudulent scheme, that person and the company they work for could owe you compensation for civil damages. Filing a claim against the defendant(s) could hold them accountable for your losses. You could be eligible for a financial award that reimburses both economic and non-economic damages.
Types of damages you may recover include:
- Lost funds invested
- Attorney or court fees
- Interest and penalties
Our securities fraud lawyers can determine your claim’s worth as a victim of a Ponzi scheme in Michigan. The state does not cap compensation in civil cases except in medical malpractice lawsuits. Our experienced attorneys can also help you maximize your financial recovery with proven and aggressive legal strategies.
After reviewing the details of your case, we can determine your options for financial recovery. While the majority of cases are handled through arbitration, securities litigation may also be an option.
Contact Our Ponzi Scheme Attorneys Serving Michigan
If you are a victim of a Ponzi scheme or any other type of investment fraud in Michigan, do not accept your losses without first consulting a securities fraud attorney about your recovery options. You could be eligible for an award that restores your family’s financial stability.
The lawyers at Meyer Wilson have represented victims of investment fraud throughout Michigan. We can help you obtain a fair compensatory award for losses you suffered. Start your claim with a free consultation. Contact us today.