GRAND RAPIDS, Mich. (WZZM) - A jury convicted the owner of a Marne pallet company of bilking friends out of more than $1.8 million to fund his online stock trading.
Robert Lee Andrews faces up to 20 years in prison for the ruse, which ran between 2006 and 2010.
Jurors returned the verdict Thursday in U.S. District Court in Grand Rapids. A sentencing date for Andrews has not been set.
According to a federal indictment, Andrews told three investors he needed the money to improve property in Indiana, which he'd then sell to the state of Indiana at a substantial profit.
Andrews used the money to gamble in the stock market, federal prosecutors told jurors. His stock picks weren't that good and Andrews filed for bankruptcy in November 2009.