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No contest pleas issued in west Michigan Ponzi scheme

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Judge's Gavel By Brian Turner (Flickr: My Trusty Gavel) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
Judge's Gavel By Brian Turner (Flickr: My Trusty Gavel) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

LANSING (WKZO) -- Two west Michigan men are facing years in prison for a nine-million dollar Ponzi scheme that targeted elderly people.

Sixty-one-year-old Dannie VanLiere of Grand Rapids and 60-year-old Jeffrey Ripley of Sparta both pled no contest to racketeering and selling unregistered securities.  The Michigan Attorney General's Office says they two had 150 victims, including some who lost their life savings.

The men will be sentenced on June 21st.

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