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Mulholland Financial Services, Inc.Find BBB Accredited Businesses in Business Consultant.
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Important information
- Government Actions:1:12-cv-14663-TLL-CEB
The following information was obtained from a Michigan Attorney General News Release:
Michigan Attorney General Bill Schuette today announced that James Mulholland, of St. Petersburg, Florida and Thomas Mulholland, of Midland,
both 59, have been found guilty by a jury on 8 felonies each for the Ponzi Scheme they ran through their Lansing-based business Mulholland
Financial.
“These men got themselves in a financial bind and instead of owning up to their mistakes they chose to defraud Michigan residents of their hard earned savings, said Schuette. “I hope that this verdict will provide some closure and relief to the victims of these men.”
Each brother was convicted of the following charges in Ingham County District Court on August 5, 2016:
- One count of Criminal Enterprises - Conducting, a felony punishable by up to 20 years in prison and/or a $100,000 fine;
- One Count of Conspiracy to Commit Criminal Enterprise – Conducting, a felony punishable by up to 20 years in prison and/or $10,000 fine;
- One count of False Pretenses -$20,000 Or More But Less Than $50,000, a felony punishable by up to 15 years in prison and/or a fine of $15,000 or three times the value of the property that was involved, whichever is greater;
- False Pretenses - $1,000 Or More But Less Than $20,000, a felony punishable by up to 5 years in prison and/or a fine of $10,000 or three times the value of the property that was involved, whichever is greater;
- One count of Blue Sky Laws- Fraudulent Schemes/ Statements, a felony punishable by up to 10 years in prison and/or $25,000 fine;
- One Count of Securities Fraud, a felony punishable by up to 10 years in prison and or a $500,000 fine;
- One Count of Blue Sky Laws Offer/Sell Unregistered Securities, a felony punishable by up to 10 years in prison and/or $25,000 fine; and,
- One Count for Violation of the Securities Act, a felony punishable by up to 10 years in prison and or a $500,000 fine.
The Mulholland brothers are currently being held in the Ingham County Jail and will return for sentencing in Ingham County Circuit Court before Judge William Collette on August 31, 2016 at 1 p.m.
To view the Michigan Attorney General News Release in its entirety, you may visit http://www.michigan.gov/ag/0,4534,7-164-46849-391048--,00.html
Business Details
- Local BBB:
- BBB of Detroit & Eastern Michigan
- BBB File Opened:
- 7/17/1996
- Business Started:
- 1/1/1983
Additional Contact Information
- Fax numbers
- Primary Fax: (517) 351-1470
- Other Fax: (989) 792-1376
- Additional Phone Numbers
- Other Phone: (989) 790-2844
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