Man Charged in Latest Detroit Ponzi Scheme Case
Brian Marsack, of Chesterfield Township, has been charged with stealing the life savings of at least three individuals. The alleged victims include a 91-year-old man, Edward Mancini, and his now-deceased wife, Joan. The Mancinis had known Marsack since he was a child.
"He approached my wife, Joan, a couple of years ago and told her he was doing some day trading," Mancini told The Oakland Press. "He said he could make her some money."
The prosecution alleges that Marsack posed as a stockbroker and solicited more than $1 million from the alleged victims. He allegedly told the investors that their funds would be put into investment accounts with Goldman Sachs. He also allegedly sold investors one-year CDs that promised 7 percent interest.
According to the police, Marsack never invested any of the funds. Instead, investigators allege, he kept the money for himself and provided falsified documents on Goldman Sachs letterhead that showed the funds were doing well. To perpetuate the alleged scheme, police believe Marsack issued "dividend checks" of $1,500 to the investors.
Marsack has been charged with three counts of larceny by false pretenses and one count of racketeering. He remains in custody on a $150,000 bond. If convicted, Marsack faces three potential 10-year sentences and one sentence of between three and four years.