Fraudster ran trucking Ponzi scheme that bilked $40M from investors, feds say

May 01, 2022 at 07:06 AM CST
A previously convicted fraudster ran a Ponzi scheme and bilked investors out of $40 million in a truck investment venture, then used the money to pay personal expenses, according to federal prosecutors. Prosecutors claim that over a 10-month period — June 2021 until April — Franklin Ray, 50, of Canton, Michigan, defrauded 275 investors in CSA Business Solutions LLC, headquartered in Imlay City, Michigan, and that he set up a separate bank account and collected another $1.9 million from investors after his arrest in early March.

May 01, 2022 at 07:06 AM CST

A previously convicted fraudster ran a Ponzi scheme and bilked investors out of $40 million in a truck investment venture, then used the money to pay personal expenses, according to federal prosecutors. Prosecutors claim that over a 10-month period — June 2021 until April — Franklin Ray, 50, of Canton, Michigan, defrauded 275 investors in CSA Business Solutions LLC, headquartered in Imlay City, Michigan, and that he set up a separate bank account and collected another $1.9 million from investors after his arrest in early March.