West Bloomfield Man Sentenced in Ponzi Scheme, Will Have to Repay Seniors $387,100

The man who pleaded guilty to defrauding Michigan seniors in a Ponzi scheme has been ordered to pay nearly $400,000 in restitution.

According to a release from Michigan Attorney General Bill Schuette's office, 69-year-old West Bloomfield resident Charles David Eizelman was ordered to pay $387,100 as part of his plea agreement. 

, a 10-year felony.

Eizelman admitted in 2005 that he was involved in a scheme where he accepted more than $20,000 from seniors, promising to invest the cash and have "interest" returns sent to them by August 2010. The charges were initially filed in Wayne County Circuit Court in December 2011. 

Eizelman was sentenced on March 8 and had to pay the first $100,000 of the total restitution during that sentencing. The money will be distributed to Eizelman's three victims, Schuette's office said.

Eizelman must also make additional restitution payments of $34,000 every four months, beginning July 1, and serve five years' probation after spending one year at the Wayne County jail. 

"Con men target our seniors and our most vulnerable, those who can least afford to lose their hard-earned dollars," Schuette said. "We will remain aggressive to prosecute scam artists who prey on our parents and grandparents."