GRAND RAPIDS, Mich. — A Kent County investment advisor is accused of stealing $260,000 from his clients, Michigan Attorney General Dana Nessel announced Thursday.
According to Nessel, 45-year-old Jaime Westenbarger is facing felony charges of embezzlement and conducting a criminal enterprise.
Westenbarger was bound over to circuit court on December 20.
Nessel says Westenbarger was working as an investment advisor and the registered agent for Forest Hills Financial, Inc. when he used his position to embezzle from multiple clients. Westenbarger is accused of telling victims he would invest their money but instead stole the money for himself via online transfers.
“People put their trust in professionals when seeking to invest their hard-earned money. It’s critical that those professionals be held to high fiduciary standards,” said Nessel. “I am grateful to the Department of Licensing and Regulatory Affairs for bringing this matter to our attention.”
Westenbarger is charged with:
• One count of Conducting a Criminal Enterprise, punishable by 20 years and/or $100,000;
• Two counts of Embezzlement $100,000 or More, punishable by 20 years and/or a fine up to $50,000, or three times the amount embezzled, whichever is greater;
• One count of Embezzlement $50,000 or More But Less Than $100,000, punishable by 15 years and/or $25,000, or three times the amount embezzled, whichever is greater;
• Two counts of Using a Computer to Commit a Crime, in this instance punishable by 20 years and/or $20,000; and
• One count of Using a Computer to Commit a Crime, in this instance, punishable by 10 years and/or $10,000.
