Michael J. Park of Brentwood, Tennessee, and a former owner of Park Capital Management Group, a brokerage firm, pleaded guilty to defrauding dozens of investors out of some $9 million in what authorities described as a Ponzi scheme. According to prosecutors, Park never invested investor funds and admitted using the money on a lavish lifestyle and to operate a new mortgage lending business he had started.Read FraudTalk's original post on this story here.
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