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Holland man indicted for mail fraud | News

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Holland man indicted for mail fraud

GRAND RAPIDS (WZZM) - A Holland man has been indicted on 13 counts of mail fraud for running a business that claimed profits from Google ads, but never generated any profit.

The indictment was handed down by a federal Grand Jury in Grand Rapids.

The indictment alleges that Jeffrey Curtis Folkert ran a business called iStorm Solutions in Hamilton, Michigan and that he defrauded family members, friends, and others out of at least $1.5 million between 2005 and 2008.  Folkert claimed that his business would earn significant revenue through Google ads on websites, but never generated any significant business profit.  He then reported substantial dividends on investments, but instead of using investor funds as promised, he deposited the money in a personal account and transferred the money to an account outside of the U.S.  The indictment also alleges that Folkert sent false statements to investors that showed money being deposited in their accounts.

Each count of mail fraud carries a maximum penalty of 20 years in prison and a $250,000 fine.

U.S. Attorney Donald Davis believes there may be more victims of this crime.  Anyone who thinks that may be a victim should contact the U.S. Attorney's Office at 616-456-2401 or visit www.justice.gov/usao/miw/programs/victimwitness.html.


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