KALAMAZOO (WKZO) -- A Kalamazoo native who spent some time as a Public Safety Officer, now faces jail time himself for his involvement in the so-called “Billionaire Boys Club”.
John Bravata was found guilty this week on all 15-charges he faced, one count of conspiracy to commit wire fraud and 14 counts of wire fraud for what investigators say was a ponzi scheme that defrauded an estimated 500 clients out of millions.
U.S. Attorneys claimed they preyed on the elderly, offering them 8 to 12% annual rate of return on their investment thru BBC equities, investing in real estate. Instead federal prosecutors charge he spent the money on expensive homes, cars, gambling debts and travel.
It’s cost many of his victims their life savings.
It all crashed down around him when the economy went south in 2009.
Supporters say he intended to make good on the investments but everything turned sour and he got left holding the bag.
He is scheduled to be sentenced on June 18th.