Federal prosecutors are seeking more than $1.9 million from a Trenton man who they say gained the money through a Ponzi scheme that targeted elderly people.
Lavern Huelsmann, 44, was indicted on charges of mail fraud and engaging in a financial transaction in excess of $10,000 from property derived from mail fraud.
The indictment accuses Huelsmann of selling fraudulent investments to elderly people. The charges were issued by a federal grand jury in East St. Louis.
The charges contain a forfeiture allegation, seeking $1.93 million in "funds representing the value of criminally obtained proceeds."
The charges carry a maximum sentence of 30 years in prison and a fine up to $500,000.
According to the indictment, Huelsmann has been operating under the business named Senior Retirement Services and was licensed to sell only approved life insurance and fixed-annuity products.
He allegedly convinced elderly people to invest in a "cash management account" with Senior Retirement Services, but didn't tell them he was the owner of Senior Retirement Services.
Full Article and Source:
Trenton Man Faces Fraud Charges; $1.9 Million Scheme Targeted the Elderly
5 comments:
These people have to do big jail time, as a lesson to others.
Mail fraud seems to be the only consistant thing that gets them in trouble.
Right on, Louis!
Anyone who takes advantage of our young and our old should suffer the full extent of punishment allowed by law.
30 years AND $500K sounds about right. And the $500K can be used to pay some resitution to the victims.
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