Politics & Government
Northville Man to Enter Guilty Plea in Ponzi Scheme
The man, Richard Trabulsy, will also cooperate with federal authorities in the investigation of his company BBC Equities, or the Billionaire Boys Club.
Northville resident Richard Trabulsy will plead guilty for his role in a real estate ponzi scheme dating as far back as 2006, according to news reports.
Trabulsy is accused of swindling 440 investors out of $50 million under the companies of BBC Equities and the Bravata Financial Group, according to a story by WHMI 93.5 FM of Livingston County. The station reports that he will "plead guilty to a count of wire fraud in exchange for charges of conspiracy, securities fraud and money laundering being dropped."
He and his partner John Bravata, of Brighton, were hit with federal charges in 2009, following an investigation by the U.S. Securities and Exchange Commission, according to a 2009 story by The Detroit News.
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Investors "believed they were paying into a real estate fund, but instead were footing the bill for luxury homes, vacations, gambling debts and the aforementioned Italian sports car," according to The Detroit News article.
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