GRAND RAPIDS, Mich. — A West Olive man has been sentenced for defrauding millions from investors.
37-year-old Joshua Louis Rupp pleaded guilty to posing as a broker and stealing more than $2.7 million from 19 investors between 2015 and 2019, according to the U.S. Attorney’s Office – Western District of Michigan.
We’re told Rupp has been sentenced to 16 years behind bars followed by five years of supervised release.
Rupp has also been ordered to repay $2.73 million in restitution, the U.S. Attorney’s Office says.
“Joshua Rupp preyed on people close to him as well as other members of his community, convincing some of his victims to turn over hundreds of thousands of dollars to his care by lying to them about his credentials and the nature and status of their investments,” says U.S. Attorney Andrew Birge. “The Court’s sentence will protect the public and serves as a cogent warning to those contemplating similar schemes.”
Birge encourages investors to do their research before entrusting anyone with their savings. Visit the U.S. Securities and Exchange Commission’s (SEC) website for additional resources.