Three men will stand trial for their roles in an alleged securities scheme that caused eight Ambassador Apartments investors to lose $50,000 each.
Jason Plog, Joe Frost, and Dave Mackie were each originally charged with 13 felonies; however, some of the charges have been dropped as their cases move forward. Plog who was bound over after a preliminary hearing today is considered the main defendant and he still faces a dozen charges. The other two had the number of charges reduced to four or five
The men are accused of selling unregistered securities which is a felony. In September 2012, Plog allegedly took money that investors thought was putting put toward redeveloping the historic Ambassador Apartments in Midtown.
Prosecutors say the three men divided up the $221,000 they collected; however, the defense argues that those were fees that investors agreed too.