Man gets 17-year sentence for pyramid scheme
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Posted: 5:37 PM Dec 20, 2009
Man gets 17-year sentence for pyramid scheme
Grand Rapids, MI
A former Battle Creek man has been sentenced to 17 years in prison for creating an elaborate pyramid scheme that bilked investors out of $7 million.
Reporter: Associated Press
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A former Battle Creek man has been sentenced to 17 years in prison for creating an elaborate pyramid scheme that bilked investors out of $7 million.

The Grand Rapids Press reports that 60-year-old Michael Heshelman was sentenced Thursday in federal court in Grand Rapids on multiple counts of wire and bank fraud and money laundering. He was convicted in June.

Federal prosecutors say Heshelman used a sophisticated scheme to take millions from unwitting investors who were promised big returns.

The money was instead used to make small payoffs to earlier investors and fund Heshelman's lavish lifestyle, including stays at luxury hotels and extravagant dinners.

A former Caledonia man who was part of the scheme has been sentenced to three years in prison, while a Pennsylvania man is awaiting sentencing for his role.
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