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Twins get 10-20 years for Ponzi scheme

Posted: 7:47 AM, Sep 01, 2016
Updated: 2016-09-01 07:47:26-04

Twin brothers convicted of running a Ponzi scheme through their Lansing-based financial business are sentenced to 10-20 years in prison.

Thomas and James Mulholland were sentenced yesterday in Ingham County Circuit Court.

They were found guilty of eight felonies early last month. 

Attorney General Bill Schuette's office brought the case against the brothers, accusing them of scamming more than 250 investors out of more than $18 million.

In addition to the prison sentence, Schuette's office is also seeking $208,000 in restitution.