Ottawa Co. man sentenced in fraud case | News
Grand Rapids (WZZM) - A Holland man will spend four years in prison for mail fraud.
Investigators say Jeffrey Folkert, 42, tricked family and friends into investing in his internet company iStorm Solutions, promising a large return. Instead, it's believed he stole $1.5 Million.
A U.S. district judge also ordered Folkert to pay $1.3 Million in restitution to the victims and a $7,500 fine.
Earlier this year, Folkert pled guilty to one count of mail fraud. He admitted to using the U.S. mail to commit the scheme.
He also admitted to using investor money to pay for his own expenses, to transfer money to foreign accounts for internet gambling and buy new cars.
The FBI and Michigan State Police investigated the case.