HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » Michigan (Group) » $18M Ponzi scheme twins t...

Sun Aug 21, 2016, 06:15 PM

$18M Ponzi scheme twins targeted retirees, insurance clients

BAY CITY -- In late 2008, as the country slid into recession, Elmer and Caroline Ayres sat down at the kitchen table in their home near Bay City to discuss a new investment.

Their financial adviser, Thomas Mulholland, promised the couple a 7% rate of return if they invested their retirement savings with him. He told them their money would go toward real estate, according to court records. He emphasized the investment was safe.

Over the next year, the couple liquidated their retirement accounts and invested more than $95,000 in the East Lansing-based company.

There was so much they didn't know.

The Ayreses didnít know that Thomas and his brother, James, lacked the credentials their business cards touted. James Mulholland did not have a license to sell insurance in Michigan, because the state revoked it in 2006. And Mulholland Financial Services ó the very company which the Ayreses were being asked to invest in ó had been dissolved two years earlier.

Read more: http://www.lansingstatejournal.com/story/news/local/2016/08/19/ponzi-scheme-twins-targeted-retirees-insurance-clients/88964910/

1 replies, 1050 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply $18M Ponzi scheme twins targeted retirees, insurance clients (Original post)
TexasTowelie Aug 2016 OP
WhiteTara Aug 2016 #1

Response to TexasTowelie (Original post)

Sun Aug 21, 2016, 06:30 PM

1. I hope they go to prison for a very

long long time. These "people" are scum of the earth.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread