GRAND HAVEN, Mich. (WZZM) Two West Michigan men are now formerly charged with what the State Attorney General's office calls the the largest Ponzi Scheme in state history.
Investigators allege Jeffrey Ripley, 59, of Sparta and Danny Lee VanLiere, 60, of Grand Rapids defrauded at least 140 victims of approximately $9 million by selling fake securities. The Attorney General's office says the two men allegedly promised high returns on money invested, but never delivered.
In court today investigators say the victims include doctors, dentists, preachers and even a state lawmaker.
Investigation revealed that victims were allegedly defrauded of amounts ranging from $3,000 to $600,000 each. Authorities say most of the victims are elderly and include two women and a man from Ottawa County.