Detroit, MI - Lawrence Roberson, 75, of Detroit, was sentenced Thursday, July 20, 2023 to two years probation after pleading guilty to one count of Embezzlement by Agent $50,000 to $100,000, in a case of securities and elder abuse, Michigan Attorney General Dana Nessel announced.
Roberson is required to pay restitution to the victims totaling $90,000.
In 2015, Roberson ran a company called Wealth Management LLC. As the financial advisor for both People’s Community Church and a retiree, he recommended both clients invest in a specific bond. The victims provided the funding for the investment to Roberson, but he never invested the funds, instead converting the money for his own use to recoup losses he had suffered in a lottery scam.
Roberson’s fraud cost the retired victim nearly half her retirement savings and took a significant portion of the resources of People’s Community Church, a historic congregation in the African American community. As a result of his actions, Roberson lost his financial advisor’s license and was forced to close his business.
“Mr. Roberson abused his authority as an advisor to steal from his clients and must be held accountable,” said Nessel. “When bad actors take advantage of their clients for personal gain, my Financial Crimes Division is prepared to prosecute egregious and illegal violations of their client’s trust.”
Roberson must pay $40,000 in restitution to the retiree and $50,000 in restitution to People’s Community Church.