JENISON, MI (WHTC) – Scott Rookus of Jenison now knows his fate.
Rookus was convicted of running a Ponzi scheme. Between 2010 and 2013 Rookus solicited and obtained investments of approximately $1.5 million for his holdings company, New Haven Holdings.
Judge Jon Hulsing sentenced Rookus Monday to seven to 20 years in prison and he is also ordered to pay back just over four-million dollars to investers.
Rookus who pleaded no contest to the charges in December, addressed the courtroom. “I guess what I want to say to them is I’d like to ask them to forgive me for the pain and suffering I have caused.”
Judge Hulsing had the final word in court Monday, January 30, “This was not lapses in business judgement. This was the conducting of an ongoing criminal enterprise.”
To cover his tracks, Rookus allegedly issued fraudulent returns to some investors using money from newer investors. He allegedly used the investor funds to pay personal expenses such as his children’s private school education and to pay of tax liens against him.
The alleged scheme was uncovered after Rookus filed for personal bankruptcy in March 2015 and his investors found out that they had lost everything they invested.
