A West Bloomfield man has been ordered to pay $387K for conducting an elaborate investment scam that targeted seniors.
Michigan Attorney General Bill Schuette says 69-year-old Charles David Eizelman was sentenced to pay restitution to three victims following his guilty plea to one count of False Pretenses, $20,000 or more.
In a statement Schuette's office said in 2005, Eizelman orchestrated a complex scheme accepting money from unsuspecting senior citizens telling them he was placing their money in legitimate investments. For a period of time, payments were made and the victims were made to feel comfortable enough to "invest" more money into the scheme. But the victims contacted the Attorney General's office in August of 2010 when the payments stopped.
An investigation began and Eizelman ultimately pleaded guilty to the charges on August 22, 2012.
Along with an initial $100,000 that was paid at sentencing, Eizelman must also make additional restitution payments of $34,000 every four months, beginning July 1, 2013. He must serve five years probation with one year in the Wayne County jail.
The period of jail incarceration begins on the date Eizelman fails to make the required quarterly payment of $34,000.
Attorney General Bill Schuette encourages seniors to exercise caution before investing their money with those who promise exorbitant returns.