A former pastor and his associate have been sentenced after defrauding more than 140 individuals from multiple states out of about $9.3 million in a multi-year Ponzi scheme, according to acting United states Attorney Saima Mohsin.
Larry A. Holley, 64, of Grand Blanc, was sentenced to 100 months in a federal prison and a two-year term of supervised release after jail time.
Patricia E. Gray, 60, of Flint, received a sentence of 42 months in federal prison and a two-year term of supervised release after jail time.
“Holley and Gray deliberately misled investors to convince them to turn over their savings,” Moshin said. “Investors should not be lulled into trusting an investment advisor just because they know them or because they are a member of an organization to which they belong.”
“Today’s sentencing is another reminder that when an investor promises not only extraordinarily high returns, but also guaranteed returns, it’s too good to be true,” said Brian Thomas, acting special agent in charge for the Internal Revenue Service Criminal Investigation’s Detroit office. “IRS-CI is committed to investigating Ponzi schemes similar to that of Holley and Gray’s and will aggressively act to protect American taxpayers’ hard-earned money.”
Holley was a pastor at Abundant Life Ministries in Flint. Holley and Gray operated Treasure…