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Trial over alleged Ponzi scheme

GRAND RAPIDS, Mich. (NEWSCHANNEL 3) - Jury selection begins Tuesday in the trial of a Grand Rapids-area man accused in a $46 million Ponzi scheme.

Prosecutors say David McQueen was a successful insurance salesman who collected money from investors and then invested it with another company that turned out to be a fraud.

Instead of coming clean, prosecutors say he made monthly payments to investors with cash from other investors, while keeping $100,000 a month for himself.

McQueen denies the fraud and money laundering charges.