Crime & Safety

Guilty Plea Announced for West Bloomfield Man Accused of Ponzi Scheme

Michigan Attorney General Bill Schuette said that seniors were targeted.

A West Bloomfield man pleaded guilty to running a Ponzi scheme targeting seniors, Michigan Attorney General Bill Schuette announced Wednesday.

Schuette said Charles David Eizelman, 68, pleaded to one count of false pretenses of more than $20,000, a 10-year felony.

Eizelman, who has a history of fraud convictions, according to the attorney general's office, will be sentenced Nov. 19 and must pay $100,000 in immediate restitution.

Eizelman admitted in 2005 that he was involved in a scheme where he accepted more than $20,000 from seniors to be invested and promised to have "interest" returns sent to them. In Aug. 2010, the attorney general was contacted and the subsequent investigation revealed the investments as phony.

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Charges were filed in Wayne County Circuit Court in Dec. 2011.

As part of Eizelman's plea, he will pay a total of $387,100 in restitution.

The attorney general’s office suggests people check out their brokers or financial advisors before investing money by contacting the Office of Financial and Insurance Regulation at 1-877-999-6442.

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