Biden Commutes Sentence of Swartz Creek Ponzi Scheme Operator
President Joe Biden has commuted the sentence of Gregory McKnight, a Swartz Creek man who pleaded guilty to wire fraud for operating a $72 million Ponzi scheme through his company, Legisi Holdings. McKnight, who was sentenced to over 15 years in prison in 2013, promised high returns to over 3,000 investors but used funds from new investors to pay earlier ones. His sentence was originally set to end in December 2025. The commutation does not alter his conviction or imply innocence.