Two Minnesota Businessmen Plead Guilty to Ponzi Scheme

Posted on December 22nd, 2014 at 10:54 AM
Two Minnesota Businessmen Plead Guilty to Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law Offices:

David McQueen and Trent Francke, pled guilty and were sentenced to prison for defrauding investors in a $46.5 million Ponzi scheme.

McQueen and Francke had backgrounds in insurance and real estate. They recruited insurance agents to help them bring in new investors.

McQueen convinced investors to take their life savings or mortgage their homes to invest in his Ponzi scheme and left many retirees in dire financial straits.

Most of the money was used by Francke and McQueen for personal expenses and to pay early investors who believed they were earning dividends.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags: Ponzi scheme, Minnesota, David McQueen, Trent Francke, fraud

Return to Archive

TESTIMONIALS

Previous
Next

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.