David McQueen (undated Facebook photo)
Updated: Friday, 26 Feb 2010, 9:37 PM EST
Published : Friday, 26 Feb 2010, 9:15 PM EST
GRAND RAPIDS, Mich. (WOOD) - New information on a case Target 8 Investigation has been following for over two years.
Thursday in federal court the U.S. Attorney for the Western District of Michigan filed papers compelling David McQueen to forfeit nearly $350,000 from seven separate accounts associated with a nonexistent investment companies.
McQueen, a former Byron Center resident now living in Florida, is accused of swindling hundreds of investors out of millions of dollars. Many of his victims are from the West Michigan area.
The $350,000 figure includes $126,000 in collectible coins. The government also filed forfeiture papers against McQueens 1999 Powerquest Avenger boat.
The government claims "McQueen has spent millions of dollars of unlawfully acquired investor money for his personal benefit."
McQueen ran a scheme by establishing shell businesses and recruiting individuals to invest their money in the nonexistent companies.
Federal court documents allege McQueen and his associates have "taken investor money for their personal use and benefit or have paid it out in small increments as 'interest' on what the victims believed were legitimate investments."
Late last year the feds filed a forfeiture complaint against McQueen's condo in Fort Lauderdale. That action is still in court.
No criminal charges have been filed in connection with the alleged fraud.