FLINT – A former pastor and his associate have been sentenced for their role in a multi-year Ponzi scheme that defrauded more than 140 individuals from multiple states out of nearly $9.3 million, announced Acting United States Attorney Saima Mohsin.
Joining Mohsin in the announcement was Brian Thomas, Acting Special Agent in Charge, Internal Revenue Service – Criminal Investigation Division.
Sentenced were Larry A. Holley, 64, of Grand Blanc and Patricia E. Gray, 60, of Flint. Holley received a sentence of 100 months in federal prison followed by a two-year term of supervised release. Gray received a sentence of 42 months in federal prison followed by a two-year term of supervised release. A restitution hearing will be set by United States District Judge Laurie Michelson, at which time the court will determine the amount of restitution each defendant will be required to pay back to the victims.
“Holley and Gray deliberately misled investors to convince them to turn over their savings,” said Acting US Attorney Mohsin. “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, Internal Revenue Service Criminal Investigation,…