LIVE VIDEO: WZZM 13 News    Watch
 

Restaurant owner charged in connection with ponzi scheme

6:08 PM, Oct 16, 2013   |    comments
  • Doug Kacos
  • Jeffrey Ripley
  • Danny Lee VanLiere
    
  • Share
  • Print
  • - A A A +

GRAND RAPIDS (WZZM) -- The owner of a local chain of restaurants in charged with money laundering.

Doug Kacos runs the three New Beginnings restaurants in West Michigan. He faces two years in prison.

The money laundering charges are in connection with a ponzi scheme run by Jeffrey Ripley and Danny VanLiere. Prosecutors say the men cheated victims out of approximately $9 million by selling fake securities. The men allegedly promised high returns on money invested but never delivered.

RELATEDVictims tell of losses to Ponzi scheme
RELATED: West Michigan men plead in Ponzi scheme case

Ripley and VanLiere pleaded no contest to the crime in March and will spend at least six years in prison.

Most Viewed Articles

Most Watched Videos