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