|
| |
|
| |
|
|
|
November 1, 2005Businessman takes deal, will testify in fraud caseTRAVERSE CITY - One of three local investment advisers accused of bilking senior citizens out of over $1 million pleaded guilty and will testify against his former bosses.Jonathan Brzezinski, 25, of Traverse City, pleaded guilty in 13th Circuit Court to one felony count of attempting to embezzle over $20,000 from a vulnerable adult in a relationship of trust. Brzezinski, who also agreed to pay restitution totaling $260,000, was charged in July along with Gary Singer and Margaret Zimmerman, owners of Estate Growth Management in Traverse City. In exchange for his plea, the state attorney general's office will dismiss four similar charges after Brzezinski testifies against Singer and Zimmerman, according to court records. Investigators believe Estate Growth Management and its officials convinced local clients to invest approximately $1.1 million in California-based companies as part of a "Ponzi scheme," where money from new investors was used to pay others. Company president Singer, 54, is charged with four counts of false pretenses over $20,000, punishable by up to 10 years in prison, and forgery. Zimmerman, 47, listed as Estate Growth's CEO, is charged with 10 felony counts, including two counts of embezzlement from a vulnerable adult over $20,000, four counts of false pretenses over $20,000, and forgery. [an error occurred while processing this directive] |