LANSING – A Detroit investment adviser is accused of stealing $90,000 from clients and spending the money for his own purposes.
Lawrence Roberson, 74, was arraigned Oct. 6 in 36th District Court in Detroit on five felony charges including embezzlement, securities fraud and failure to file a tax return.
Roberson, through his company, Wealth Management Group, allegedly defrauded the two victims by offering to “invest” the victims’ money at a high rate of return and instead 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,” Michigan Attorney General Dana 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. on Oct. 27.