Foster City Man Charged in Nationwide ATM Scam

By ASSOCIATED PRESS
|  Thursday, Mar 13, 2014  |  Updated 2:33 PM PDT
View Comments (
)
|
Email
|
Print
Foster City Man Charged in Nationwide ATM Scam

nbc10.com

SAN JOSE, Calif. (AP) - A San Francisco Bay Area man has pleaded not guilty to charges he fleeced more than a hundred investors by promising them a percentage of user fees from ATMs across the country.

  The San Jose Mercury News reports 44-year-old Michael Brendan Ferguson is charged with nine felonies, including securities fraud and grand theft.
 
Prosecutors say the Foster City resident sold investors the rights to a percentage of fees from a portfolio of ATMs located in shopping centers throughout the nation - or sold them ATMs plus a percentage of those fees. However, prosecutors allege, Ferguson did not own most of the machines and paid his clients with money from new investors.
 
San Jose resident Cheryl Palos says she lost nearly $770,000, her entire life savings.
 
Ferguson's lawyer did not respond Wednesday to requests for comment.
      

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Running Dry
Coverage of the California drought. Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out