Was a bankrupt Eugene firm a Ponzi scheme?

Prosecutors accuse executives of Berjac of Oregon of misleading investors.

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Prosecutors have accused the executives of Berjac of Oregon of misleading investors.

The Eugene firm is now bankrupt and facing charges of running a $40 million Ponzi scheme.

A grand jury in Eugene indicted brothers Gary and Michael Holcomb, as well as Michael’s daughters Jennifer Chalmers and Kristen Van Breemen, on Nov. 19. They were charged with 24 counts, including conspiracy, mail fraud and money laundering. The brothers, now in their 70s, share two additional charges of bank fraud and money laundering.

“It just feels like they should have to pay a little bit for what they did to all of us,” said Kathleen Kiefer, of Bend, who followed in her parents’ lead and invested in Berjac.

“It was a shock to find out what they were doing.”

(READ MORE: OregonLive.com)

The scheme was launched in the beginning of 2008, according to the case.

RELATED NEWS: FBI investigates Berjac bankruptcy


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