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January 30, 2017

Posted  January 30, 2017

Scott Rookus was sentenced by Judge Jon Hulsing of the 20th Circuit Court in Ottawa County to 7 to 20 years for racketeering and 57 months to 10 years for fraudulent sales of securities. Judge Hulsing is also requiring Rookus pay $4,393,420 in restitution to the victims of his million dollar Ponzi scheme that ran from 2010 to 2015. Between 2010 and 2013, Rookus solicited and obtained investments of approximately $1.5 million for his holdings company, New Haven Holdings. His customers, many of whom were senior citizens, were told that earnings from their investments would come from the profits of Rookus’ enterprises, when in fact the money he took resulted in a Ponzi-scheme from which he was the primary beneficiary. To cover his tracks, Rookus issued fraudulent returns to some investors using money from newer investors. He used the investor funds to pay personal expenses such as his children’s private school education and to pay off tax liens against him. The scheme was uncovered after Rookus filed for personal bankruptcy in March 2015 and his investors found out that they had lost everything they invested. MI

Tagged in: Ponzi Schemes,