DETROIT – A Detroit investment advisor took $90,000 from two of his clients and spent the money for himself, according to officials.
Lawrence Roberson, 74, of Detroit, defrauded the victims through his company, Wealth Management Group, authorities said.
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Roberson offered to “invest” money for two of his clients at a high rate of return, but spent the money through large ATM withdrawals after depositing their checks, officials said.
He was licensed to be an investment advisor in Michigan, but that license was suspended in October 2016 and surrendered in January 2017, according to the Michigan Attorney General.
“Michiganders work hard for their money and they do not deserve to be duped by phony promises of big payoffs,” Attorney General Dana Nessel said.
Roberson is charged with two counts of embezzlement, two counts of securities fraud and one count of failure to file a tax return.
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The embezzlement charges are 10- and 15-year felonies, the securities fraud charges are 10-year felonies and the tax return charge is a five-year felony, officials said.
Roberson was arraigned Oct. 6 at 36th District Court in Detroit. He is being held on a $30,000 person recognizance bond and is scheduled to return to court at 8:30 a.m. Oct. 27 for a probable cause conference.