FLINT, Mich. (WJRT) – A pastor from Grand Blanc and a Flint woman will spend years behind bars for defrauding dozens of investors out of millions of dollars through a Ponzi scheme.
Federal prosecutors say 64-year-old Larry Holley of Grand Blanc, who is pastor of Abundant Life Ministries in Flint, and 60-year-old Patricia Gray convinced more than 140 investors from several states to give them part of their retirement savings to reinvest.
They received nearly $9.3 million over several years through an entity called Treasure Enterprise LLC.
Holley and Gray promised to give each investor their money back with significant returns after a certain amount of time. However, investigators say they used the money to pay themselves, transfer money to Abundant Life Ministries and pay off other investors.
Many of the investors, who took money from 401(k) and IRA accounts for Treasure Enterprise, did not get all their money back.
“Holley and Gray deliberately misled investors to convince them to turn over their savings,” said Acting U.S. Attorney Saima 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.”
Holley and Gray pleaded guilty to charges of conspiracy to commit mail fraud and wire fraud charges in 2019, but their sentencing hearings were delayed due to the coronavirus pandemic.
A federal judge sentenced Holley this week to spend 100 months in a federal…