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AG Nessel Charges Investment Adviser with Embezzlement
October 15, 2020
LANSING – A Detroit investment adviser has been arraigned on multiple felony charges after allegedly taking $90,000 from two of his clients and spending the money for his own purposes, Michigan Attorney General Dana Nessel announced today.
Lawrence Roberson, 74, was arraigned Oct. 6 in 36th District Court in Detroit. He is charged with:
- Two counts of embezzlement, 10-year and 15-year felonies;
- Two counts of securities fraud, 10-year felonies; and
- Failure to file a tax return, a five-year felony.
Roberson, through his company, Wealth Management Group, defrauded two victims of $90,000. He did so by offering to “invest” the victims’ money at a high rate of return. Instead, Roberson allegedly spent the money, largely through substantial ATM withdrawals, after depositing the victims’ checks. At the time of the theft, Roberson was licensed in the State of Michigan as an investment adviser. His license was suspended in October 2016 and surrendered in January 2017.
“Michiganders work hard for their money and they do not deserve to be duped by phony promises of big payoffs,” Nessel said. “I appreciate the Michigan Department of Licensing and Regulatory Affairs for their assistance with the investigation of this matter.”
Roberson was given a $30,000 personal recognizance bond. He is scheduled to appear in court next for a probable cause conference at 8:30 a.m. Oct. 27.