Michigan Ponzi Scheme

Anyone know these guys? Hopefully you didn't....

One is a Ferrari owner....

http://www.freep.com/article/20090728/BUSINESS06/90728039/SEC--Michigan-men-scam-hundreds-in-Ponzi-scheme

"The SEC this morning said it had obtained a court order to halt an alleged Ponzi scheme and offering fraud being conducted by John J. Bravata of Brighton and Richard J. Trabulsy of Northville.

The SEC charges that millions of dollars people handed over to invest instead ended up being used to finance expensive lifestyles for Bravata and Trabulsy, paying for exotic vacations, gambling debts and other extravagant items.

John Bravata used money from the first two investors to buy himself a $90,268 Ferrari, according to SEC charges. "

 

Hate to say it but its a drop in the bucket. Michigan is pretty bad when it comes to Real Estate fraud. We used to be #1...
Google Nelson Sumpter.

 

LMAO

I know the mansion he was building! Just down the street from me, formerly Dick Chrysler's property (before it burned down). Construction stopped a few different times... whats left looks interesting. Hopefully somebody picks the ball up and finishes it.

 

I am glad that I live an honest life. I'm poor & have trouble sleeping at night... but at least I can, um, I don't know?