GRAND RAPIDS, Mich.– A Hudsonville man was sentenced to four years in prison Tuesday for his connection in an investment fraud scheme.
Steven Jack Hayes, 60, of Hudsonville pleaded guilty to fraudulent behavior and filing a false federal tax return. His return reported his income as being $158,000 below his actual income.
The U.S. Attorney says Hayes opened a tax and investment consulting business called “Hayes Financial Consulting, Business and Personal Financial Consulting” in 2001. 20 West Michigan individuals invested their money with Hayes, in which he created fake account statements to make it seem as if he had their money and that they were earning interest. Hayes was living on the retirement accounts, tax return refunds and other assets for 14 years.
In addition to his four-year prison sentence, Hayes is being ordered to pay $822,961.23 in restitution to his victims as well as pay $90,806 in restitution to the U.S. Treasury.
