GRAND RAPIDS, Mich. — A federal appellate court denied the appeal of a Byron Center man convicted of running a massive Ponzi scheme.
David McQueen was sentenced to 30 years in prison in late 2014, and ordered to pay more than $30 million in restitution for a Ponzi scheme that preyed on elderly investors.
He took his case to the Sixth Circuit Court of Appeals, claiming that the government lacked sufficient evidence to prove his guilt and that he deserved a new trial. The Court rejected the appeal.
McQueen was convicted in May 2014 on six counts of mail fraud, six counts of money laundering, and three tax-related charges connected to the scheme. According to the U.S. Attorney’s Office, McQueen’s fraud affected more than 800 families over a three-year period.