Mulholland Twins Sentenced 10 to 20 Years in Prison for Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
A Michigan judge has sentenced twins James Mulholland of St. Petersburg, Florida and Thomas Mulholland of Midland, Michigan to10 to 20 years in prison and ordered them to pay approximately $208,000 in restitution.
The brothers were convicted for conducting an $18.3 million ponzi scheme. From 2009 to 2010, the brothers promised 250 individual investors a 7% rate of return on investments in their real estate, when in fact their company Mulholland Financial Services was actually losing money because of the great recession. The brothers’ company was forced to use new investor money to pay off earlier investors as financial problems mounted.
The brothers were sentenced to a variety of years in prison but the sentences will be served concurrently, with the longest being 10 to 20 years in prison.
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