Michigan contractor sentenced for $1.6 million investment scam
A Michigan man has been sentenced to 97 months in prison for a wire fraud scheme that resulted in more than $1.6 million in losses to 15 known victims.
"We are committed to combatting financial fraud and white-collar crime and would like to thank the victims who came forward to report it," Acting U.S. Attorney for the Western District of Michigan Andrew Birge said in Tuesday's press release.
Matthew Mencarelli, 39, of Belmont, who owned a contracting business called Matthew's Woodworking LLC, began selling fictitious investments in 2018 when his business was suffering from financial difficulties, the district attorney's office said. He began to approach friends and acquaintances, offering investments in non-existent fiber optic cable and other infrastructure projects that he said he had arranged contracts with.
The entire matter was a Ponzi-style scheme.
"In truth, there were no such contracts and Mencarelli used the money instead to finance his lifestyle, pouring at least $400,000 into a custom-built home," the press release said. "He also used payments from newer investors to pay off older investors. When it came time to pay investors back, he lied, bullied, and threatened them and manufactured false documents to maintain the charade."
The Federal Bureau of Investigation, assisted by Grand Rapids Police Department, investigated the case; which was then prosecuted by Assistant U.S. Attorney Clay Stiffler.
"Fraudulent investment schemes will not be tolerated in Michigan," Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan, said in the press release. "The FBI remains committed to investigating and deterring financial fraud that harms our community."
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