Two brothers have been found guilty of running a Ponzi scheme in Lansing that defrauded 250 people out of $18 million.
For years the Mulholland brothers, James and Thomas, were buying up rental houses in college towns in Michigan.
But after the recession hit, they struggled to stay afloat and started recruiting new investors, promising big returns.
But the Michigan Attorney General’s office says that in reality, the Mulhollands were losing money, and using new investor money to pay back previous investors.
Then, they filed for bankruptcy in 2010.