Detroit, MI - 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 has announced.
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.
“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.