A former CEO of a Grand Rapids investment firm was sentenced to prison for fraud on Thursday.
U.S. Attorney for the Western District of Michigan, Mark Totten, announced that 61-year-old Gifford "Chip" Cummings Jr. of Grand Rapids was sentenced.
Cummings will serve 66 months in federal prison followed by two years of supervised release. He will also have to pay $5,755,477 in restitution to investor clients at Red Oak Capital.
“Mr. Cummings deliberately cheated investors out of hundreds of thousands of dollars for his personal gain,” said Totten. “Financial fraud is a serious problem, and my office will not hesitate to prosecute fraudsters whose schemes inflict devastating financial harm on legit businesses and honest investors.”
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