Ex-CEO of Grand Rapids company gets prison, owes $5.8M in restitution

Man who stole over $6M from investment company gets prison

GRAND RAPIDS, Mich. (WOOD) — The president of a Grand Rapids-area investment company will spend years in prison for a fraud scheme involving millions of dollars. Sixty-one-year-old Gifford Cummings Jr., who goes by “Chip,” was sentenced to five and a half years in federal prison and two years of supervised release. He will also have to pay $5,755,477 in restitution, according to the U.S. Attorney for the Western District of Michigan. He was char…

Ex-CEO of Grand Rapids company gets prison, owes $5.8M in restitution

Federal prosecutors said the former president and CEO of Red Oaks Capital invested $5 million of investors' money into a "risky hedge fund" that immediately began losing money.

Spokane man sentenced to 12 years in prison for $6 million insurance fraud scheme

SPOKANE, Wash. — A Spokane man was sentenced to federal prison Thursday for his role in a multi-million dollar fraud scheme involving false and fabricated insurance claims. According to court documents and statements made during the hearing, William Mize led a massive insurance fraud operation that intentionally caused car and boat crashes, as well as

Spokane fraud ringleader sentenced to 12 years in prison, ordered to pay $7.1 million in restitution

William Oldham Mize was sentenced on charges of orchestrating a massive insurance fraud scheme, tax fraud and for failure to appear in court.

Ex-CEO of Red Oak Capital gets 5 years in prison, ordered to pay $5.8M

The former CEO of a Grand Rapids-area investment firm was sentenced to five and a half years in prison and ordered to repay nearly $5.8 million to investors he defrauded in 2019. U.S. Attorney for the Western District of Michigan Mark Totten said Thursday that Gifford “Chip” Cummings Jr. was sentenced... Please login to read all 527 words.

Las Vegas, Nevada’s Mykalai Kontilai ordered to pay $6.1 million in restitution

Mykalai Kontilai, formerly Michael Contile, defrauded investors out of $23 million through misleading claims about his company, Collector’s Coffee Inc. He misappropriated $6.1 million for personal use. Investigated by the SEC, he fled to Russia but was arrested in Germany in 2023. In 2024, he pleaded guilty to wire fraud and received a 51-month prison sentence.