(HedgeCo.Net) A Michigan Pastor is facing charged of Mail Fraud and Wire Fraud after allegedly taking investors money and using it for his own personal benefit. According to the indictment, Larry A. Holley, who is a pastor at Abundant Life Ministries in Flint, operated Treasure Enterprise, LLC, which fraudulently purported to provide financial planning and asset management services to investors. Holley allegedly solicited many of the victim investors at financial seminars held at churches throughout Michigan and other states.
The indictment alleges that in order to lure the potential investors, many of whom took their money out of legitimate investments-such as individual retirement 401(k) accounts-Holley and his co-defendants promised high, guaranteed returns, and the safe return of an investor’s entire principal at the end of the investment period. The money, however, was not invested and did not earn the profits to pay the guaranteed interest payments. Instead, Holley and others directed by them, simply deposited the victim investor funds into Treasure’s bank accounts and then used the money for their personal benefit, for the benefit of Abundant Life Ministries, to make interest and principal payments to earlier investors, and to pay other Treasure employees.