GRAND RAPIDS, Mich. (WOOD) - Three West Michigan companies and a California firm costconsumers about $50 million in alleged scams, according to stateregulators.
At the center of it is David Wilson McQueen, who ran severalinvestment companies, including Diversified Global Finance andDiversified Liquid Asset Holdings.
The Byron Center man was selling his schemes through AmericanBenefits Concepts, a Kalamazoo firm that also was selling analleged scam product created by a California company.
Now, the state Office of Financial and Insurance Regulation hasordered all four companies to stop selling unregisteredsecurities.
The deals were "allegedly fraudulent real estate, ethanol, hedgefund and short-term loan investment scams," the regulatorssaid.
Ever since the FBI began a criminal investigation and thealleged misdeeds became public last fall, those companiesreportedly have ended such operations.
But the state is saying there are 400 investors who have lost$50 million in these schemes. And there were warning signs victimsmay have missed, regulators said.
One, the schemers didn't hand out any risk disclosures orfinancial statements to potential investors. Also, they provided nodocumentation showing that they were registered with the state.
Individuals involved could go to prison for 10 years forinvestment law violations.
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