GRAND RAPIDS, Mich. — An Ottawa County man has pleaded guilty to committing securities fraud, according to the U.S. Attorney’s Office – Western District of Michigan.
We’re told 37-year-old Joshua Louis Rupp acquired an excess of $2.7 million from a minimum of 19 investors while posing as a broker between 2015 and 2019.
“Securities trading is a risky business, and for good reason the professionals who do it are licensed and specially trained,” said U.S. Attorney Andrew Birge. “This defendant misrepresented his qualifications to trade on behalf of investors in order to obtain money, lied about the performance of their investments, and misappropriated significant portions of the investments for his own personal gain.”
The U.S. Attorney’s Office says Rupp has agreed to return all funds to his victims, adding he may face a maximum of 25 years in prison.
“He has taken the first step toward making amends by accepting responsibility for this serious crime,” Birge adds.
A sentencing hearing has not yet been scheduled.
We’re told Rupp may have had victims that have not come forward yet. Those who believe they were defrauded by Rupp are asked to call the U.S. Attorney’s Office at 616-808-2034.
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