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Ponzi Scheme Arrests Made

Ponzi Scheme Arrests Made
Posted October 16th, 2013 @ 4:23am by WOOD Radio News Team

Doug Kacos, the owner of the New Beginnings restaurant chain, and a man named Tom Doctor were arrested for what prosecutors say was their part in a massive Ponzi scheme that cheated 140 investors out of $9 million.

The head of that scheme has been sent to prison after his arrest a few years ago, but now Kacos is charged with money laundering.

He told WOOD TV that he only allowed his name to be used on some documents, thinking it might help get his money back from the original con man.

Michigan's Attorney General says Kacos and Doctor both tried to recruit new victims and sent large amounts of money overseas.

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