A judge has accepted a new plea deal from a Detroit-area financial manager who helped the government prosecute his partner in a real estate scheme that ended with nearly $50 million in losses.
Federal prosecutors want a Detroit-area investment manager and his son to pay $44.5 million in restitution for a real-estate scheme that crashed during the recession.
A Brighton-area investment manager and his son have been found guilty in a $50 million scheme to defraud hundreds of investors.
The United States Attorney said a Michigan man pleaded guilty to running a Ponzi scheme that swindled nearly $50 million from more than 3,000 investors worldwide.
A federal appeals court has refused to intervene and release a Southfield money manager who is facing fraud-related charges.