Michigan AG Charges Detroit Investment Adviser With Embezzlement

DETROIT, MI — A Detroit investment adviser has been arraigned on embezzlement charges after state authorities said he took and spent $90,000 from two of his clients, Michigan Attorney General Dana Nessel said Thursday.

Lawrence Roberson, 74, was arraigned Oct. 6 in 36th District Court in Detroit on two counts of embezzlement, two counts of securities fraud and failure to file a tax return, according to Nessel. The embezzlement charges are 10- and 15-year felonies, Nessel said.

“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, through his company, Wealth Management Group, defrauded two victims of $90,000, Nessel said. He did so by offering to “invest” the victims’ money at a high rate of return, but instead spent the money, largely through ATM withdrawals, after depositing the checks, according to Nessel.

Roberson was a licensed investment adviser at the time of the thefts, Nessel said, but his license was suspended in October 2016 and surrendered in January 2017.

Nessel said that Roberson was given a $30,000 personal recognizance bail. He is scheduled to appear in court next for a probable cause conference at 8:30 a.m. Oct. 27.